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https://www.straitstimes.com/business/former-ipp-director-goh-jin-hian-liable-for-us146m-losses-suffered-by-company-high-court SINGAPORE - The High Court has found Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum (IPP), liable for breach of director’s duties, statutory duties and losses suffered by the firm amounting to US$146 million (S$196 million) plus interest. The liquidators of IPP had sued Goh to recover US$156 million in losses, accusing him of “sleepwalking through his time as a director” and failing to discover and stop drawdowns in trade financing between June 2019 and July 2019 to fund alleged non-existent or sham transactions. The 55-year-old served as a director of IPP from June 28, 2011, to Aug 20, 2019. According to the liquidators, the trade financing came from IPP’s two largest creditors – Malayan Banking (Maybank) and the Singapore branch of Societe Generale (SocGen). It consisted of US$146 million drawn down for cargo trading operations, and US$10.5 million drawn from SocGen’s facility for IPP’s bunkering operations allegedly when IPP was balance-sheet insolvent. High Court Justice Aedit Abdullah, in brief remarks issued on Jan 24, detailed the responsibilities of a company director. He noted that while a director is not an internal auditor checking every singular detail, the obligation is to monitor the affairs of the corporation. “This entails, among others, at least broad level supervision of the activities of the officers of the corporation, for the protection of the company, shareholders and creditors,” the judge said. He found that Goh, the son of former prime minister Goh Chok Tong, had “breached the fiduciary duty owed to the company to take into account the interests of the creditors”. “It is not necessary for the company to be actually insolvent; the duty arises when the company is in parlous state. “I do find that the company was in difficulties at the least by June 2019, as indicated by it being balance-sheet insolvent then, and that it was in financial difficulties,” he said. But the judge said the claim for the loss of US$10.5 million “has not been made out” as IPP has “not sufficiently shown how this claim arose out of the breach in question”. In response to The Straits Times’ questions, Goh said: “I am considering an appeal against the judgment and will discuss this with my lawyers.” According to Goh’s opening statement, IPP’s cargo trades and its books and records were directly managed out of its Hong Kong office by Ms Zoe Cheung, a former director and 85 per cent shareholder, and former chief financial officer Wallace To. “If Dr Goh (was suspicious about) IPP’s finances, and was inclined to investigate, he would require Zoe and Wallace’s cooperation,” it said. The judge found that the defendant played an active role in the management of the company, adding that the evidence did not show he reduced his role to a purely non-executive one after July 2015. “The defendant in his specific circumstances owed the duty to be fully apprised of the affairs of the company, especially those relating to its profitability or otherwise. “That thus entailed a need for him to be aware of and to monitor all the activities, including the cargo trading business.” Justice Abdullah said Goh showed a lack of knowledge of IPP’s cargo trading business, which was a significant portion of the company’s activity. “What was adduced by the plaintiff did sufficiently make out ignorance,” the judge said. During the High Court trial in April 2023, Senior Counsel Lok Vi Ming, who represents Deloitte & Touche, IPP’s judicial managers turned liquidators, questioned why Goh failed to inquire about and investigate a large amount of receivables – US$132 million – allegedly owed to IPP by Mercuria Energy Trading. Had he done so, he would have learnt that the invoices IPP issued to Mercuria from September 2017 to February/March 2018 were for bogus transactions, and he would have prevented IPP from drawing down on the trade financing with SocGen and Maybank in June 2019 and July 2019. The liquidators also alleged that Goh missed another opportunity to investigate IPP’s affairs in June 2019, when its bunker operator craft licence was suspended after the Maritime and Port Authority of Singapore detected operational irregularities during an inspection. They said that while Goh told the authority that IPP was “under tremendous financial strain”, he did so “without bothering to check IPP’s financial position”. This is because if he had done so, he would have “discovered that there were receivables amounting to about US$964.9 million as of June 2019”. And if he had checked on the validity and accuracy of these receivables, “the sham transactions would have been exposed”, the liquidators argued. The judge found that due to Goh’s failure to act on several red flags that had emerged around Feb 7, 2018, “the full extent of the losses claimed by IPP should be allowed”. “Loss was caused to the plaintiff through the transactions and drawdowns which should not have been carried out and would not have been had the defendant performed his duties,” the judge ruled. On Goh’s defence relating to the adequacy of information provided within IPP, Justice Abdullah found the information insufficient to answer the queries “that should have been pursued by the defendant as a director, given both the magnitude and the circumstances of these financial issues”. “An honest and reasonably diligent director would have persisted and probed further,” he noted, adding that on the balance of probabilities, the fraud would have been discovered had Goh inquired. “In particular, once (Goh) appreciated the large amount supposedly owed to (IPP) by Mercuria, he would have uncovered things that would have triggered... if not an immediate call to the authorities, at least one soon after, staunching any loss to the company. “This was, as noted by the plaintiff, something that he discovered fairly promptly in reality when he eventually realised that there was cargo trading being undertaken,” the judge noted. Goh held 36 concurrent directorships between 2017 and August 2019. In 2020, he stepped down as non-independent, non-executive chairman of healthcare and energy firm New Silkroutes Group and resigned as independent director of cord-blood banking firm Cordlife Group. In September 2023, Goh and three other men were handed a total of 132 charges related to false trading offences in the State Courts. Goh himself faced 39 charges under the Securities and Futures Act over allegations including manipulating the share price of New Silkroutes over various periods in 2018.

another accolade for SG... Singapore-born filmmaker Sandi Tan wins Best Director award at Sundance Film Festival https://www.channelnewsasia.com/news/lifestyle/singapore-filmmaker-sandi-tan-wins-sundance-best-director-9904272

https://twitter.com/ChannelNewsAsia/status/...847709248716802 Cpib director charged

http://timesofindia.indiatimes.com/business/india-business/Tata-Motors-managing-director-Karl-Slym-falls-off-Bangkok-hotel-dies/articleshow/29426972.cms Tata Motors managing director Karl Slym falls off Bangkok hotel, dies TNN & Agencies | Jan 27, 2014, 12.25AM IST NEW DELHI/BANGKOK: Tata Motors managing director Karl Slym died on Sunday after apparently falling from a high floor of a five-star hotel in Bangkok. Slym, who was scripting a revival strategy for the company, had gone to Thailand to attend a board meeting of the firm's unit there. A company spokesperson said a postmortem would be carried out on Monday. Details about the accident were sketchy. Bloomberg quoted a company spokeswoman as saying that he fell from the city's Shangri-La hotel, where he was staying, Slym, 51, a British national, was known to be an affable and highly-focused manager. He was the head of GM's India operations before joining Tata Motors in October 2012. He was the first expatriate and the fourth managing director of the $100 billion Tata Group's flagship company, Tata Motors. "Karl (Slym) joined us in October 2012, and was a valued colleague who was providing strong leadership at a challenging time for the Indian auto industry. In this hour of grief, our thoughts are with Karl's wife and family," Tata Motors chairman Cyrus P Mistry said in a statement. Tata Motors has been going through a rough patch particularly as buyers shunned the low-cost Nano after its spectacular debut in March 2009. It's other cars such as the Indica and Indigo too have struggled in a market hit by the economic slowdown. As part of a restructuring exercise Slym last week had announced a voluntary retirement scheme to trim costs. Slym, who had a Master of Science in Business Administration from Stanford University, was not new to challenges. Between 2007 and 2011, he had steered GM India through very tough times. Hit hard by the global economic slump after the collapse of Lehman Brothers in 2008, GM had gone bankrupt in the US, denting consumer confidence even in India. He soon came out with an answer to instil confidence among buyers, unleashing the 'Chevy promise' campaign, where he appeared in ads with his hand over the heart, promising to offer free maintenance and service for all GM cars for three years after payment of a nominal amount. The scheme worked for GM India. Although, Slym left for China, his stint at GM India had come under scrutiny a few months ago after the government ordered an enquiry over the recall of Tavera. Slym returned to India within a year, but joined Tata Motors. In an interview with TOI last Wednesday he exuded confidence and said the company may be down, but not out. In what was perhaps his last media interview, Slym also told TOI that he was confident that the Nano would bounce back in a modern and young avatar, and had detailed plans for new launches. "We are confident of regaining our second-biggest Indian carmaker position as we move ahead with new plans," he had said. Besides work, Slym loved cricket. He was upset of not getting a Mumbai Indians T-shirt of his size ahead of the 2013 IPL final match. "His death comes at a time when the company seems to be close to turning the corner, with new designs and a new petrol engine family, which hasn't been Tata's strong point," Anil Sharma, an analyst with IHS Automotive was quoted as saying by Reuters news agency. Tata Motors recently introduced a new petrol engine for its passenger vehicles and has been planning to launch a new hatchback and compact sedan this year, its first new branded passenger vehicles since 2010. "It (his death) comes before his efforts bear fruit. We should be able to see the results of his work in a year or two," Sharma said.

Sorry bros. This piece of news I catch no ball. So the director who took $64million loan facility from Goldman to buy stocks kanna forced-sales coz Goldman deemed him defaulted on his debt which subsequently caused the unusual trading activities of that 3 penny stocks which were subsequently suspended? http://www.singaporelawwatch.org/slw/index.php/headlines/33646-third-penny-stock-case-against-goldman Source Straits Times Date 27 Nov 2013 Author Rachel Scully Third penny stock case against Goldman Blumont director says bank breached duty by force-selling his shares ANOTHER shareholder caught in the trading debacle over the Blumont Group, LionGold Corp and Asiasons Capital penny stocks is suing global bank Goldman Sachs. Mr James Hong claims the bank, which had given him a credit facility of more than $64 million, breached its duty of care when it force-sold his shares in the three firms last month. He is the third person to take legal action against the bank. Ipco International chief executive Quah Su-Ling and LionGold independent director Ng Su Ling, who is also Ipco's company secretary, have both commenced legal proceedings. Recent media reports said Ms Quah had loans in excess of $61 million with Goldman Sachs. Singapore-based Mr Hong, an executive director at Blumont, first bought shares of Asiasons and LionGold in 2007. Last year, he received some Blumont shares in his capacity as the firm's executive director, according to documents filed with Britain's High Court on Monday. Mr Hong had also come to know Mr William Chan, chief executive and chairman of Stamford Management, last year. Mr Chan offered to act as an investment consultant and assist Mr Hong in procuring loan facilities from banks for his investments. He later told Mr Hong that Goldman Sachs would be willing to extend a loan facility to him against his shares in Asiasons and LionGold. Mr Chan also introduced Ms Quah to the bank. Mr Hong opened an account with Goldman Sachs in February this year, pledging his Asiasons shares in exchange for proceeds he could use to buy LionGold stock. The size of his account with Goldman Sachs was estimated at about $12.4 million then. In September, the bank agreed to fund the cost of the 1.75 million Blumont shares Mr Hong would take up as part of its rights issue. However, things took a turn on Oct 2, a day after the Singapore Exchange (SGX) asked Blumont to explain how its market value had jumped more than 12 times to $6.3 billion within nine months. Mr Hong's court papers show that a Goldman Sachs representative e-mailed him a demand notice at 11.48am on Oct 2, stating that he had to repay the $64 million loan in cash by 1.30pm that same day, less than two hours later. Mr Hong then received an e-mail at 1.36pm stating that as he had defaulted on his payments, Goldman Sachs would "exercise its rights to appropriate all or any of his assets it held" to pay off his loan. The next day, Mr Hong told Goldman Sachs that he had obtained an alternative loan facility of $40 million from BHP International Markets in exchange for 27.4 million Asiasons shares. Despite this proposal to pay off his loan, Goldman continued to sell his stakes in the three counters. These transactions carried on through Oct 23, even after the SGX had lifted its designation status on the three stocks. Mr Hong contends that Goldman Sachs had "arbitrarily, capriciously, perversely and irrationally" sold the shares even when their values had fallen by 70 to 90 per cent. The bank continued to sell the shares even after the SGX announced that it was "apparently engaged in an investigation into the trading and price fluctuations" of the three stocks, alleges Mr Hong. He is suing for damages, interest and costs. [email protected] Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

http://www.tremeritus.com/2013/01/22/tcs-d...o-aim-for-140k/ In the last 20 years, he had worked in a number of companies but of particular interest is his job in NCS as Deputy Director, Enterprise Software group from Oct 2001 to Mar 2004 (about 2.5 years). Further enquiry into LinkedIn showed that Mr Tan listed one of his key achievements while doing sales in NCS as: Key Achievement: - S$30 million deal with Singapore Town Council. Software license at S$5 million.

http://www.newsday.com/news/nation/tony-sc...s-say-1.3914803 News broke today, Sg time. I really liked many of his movies - not great art, but great blockbusters. Top Gun, Crimson Tide, Enemy of the State, True Romance. Wonder why he did it? Maybe he couldn't stand to live in the shadow of his critically-acclaimed brother (Ridley Scott) anymore - but why would he do it after Ridley just released a critically-panned stinker (Prometheus)? And why would he do it when he's got his most eagerly awaited film project (the Top Gun sequel) in the works?

SINGAPORE

Can u guys believe wat this doo dah is saying? Unbelievable!!! Stop buying their products. Toxic toy story sparks major scare Supermarkets and major retailers in Singapore are scrambling to recall more toys after a national survey revealed that half of 50 toys available on shelves contained chemicals which can be harmful to children. The survey done by the Consumers Association of Singapore (Case) revealed on Monday that 23 out of the 50 toys tested were found to contain excessive amounts of lead and phthalates, a chemical commonly added to plastics to increase durability and flexibility. All of the toxic toys were made in China, and some even had the

According to Bloomberg, Nissan is the place to be a director for a Japanese automaker. According to a new article, Nissan Motor Company hands its directors close to four times the amount of pay as its rival Toyota and three times as much as what Honda directors bring home. Averaged among all of Nissan's directors, the heads of the company make around US$1.5 million per year, compared to around US$411,150 for Toyota's gurus and US$529,561 for Honda's head honchos. Keep in mind those numbers are based on current conversion rates. So what gives? For one, Nissan is shacked up with Renault at the moment, giving the company a bit of an international flavor and the pay scales that comes along with that association. However, a bigger factor may be that Toyota and Honda compensate their heads of state in other ways. Toyota, for example, hands out stock options worth around $171,000 in addition to base salary in order to help make up some of the gap. Despite the massive amounts of cash heading to Nissan's directors, the company can't quite keep up the pace in either profits or sales with its main domestic rivals. The company fell dead last among the big Japanese three in sales for the past year.

is this salary reasonable, too high or too low how to balance charity organisation goal to lower administration cost and attract good staff IN THE special report, 'Medical charities the best paymasters' (March 30), Dover Park Hospice was mentioned as having paid its former medical director a salary range of $200,000 to $250,000 per year. Mr Paul Chan, in his letter last Tuesday, 'It can't be about top dollar for top talent', brought up the issue of good governance of publicly donated funds to these (medical) organisations. We have always been transparent with our salary costs and would like to shed more light on the salary paid to our former medical director. She was also the chief executive officer of Dover Park Hospice until her resignation in July last year. This means she was working full time with us and was responsible for hospice operations. She also oversaw medical governance of the hospice. Her salary package was below what would be paid to someone in a restructured hospital of her seniority and with similar responsibilities. She has since left Dover Park Hospice and has returned to work with a restructured hospital. It is always difficult to find qualified people to be our medical directors. We currently have a service agreement with Tan Tock Seng Hospital whereby our medical director is assigned and paid for by the hospital. Dover Park Hospice has all along been fortunate to have staff who are dedicated to our cause and share our vision. In the past, we have had medical directors who worked for free or lower than market rates. We wish we could always count on such individuals to come forward. But when they are not available, we have to pay market rates to secure their services. Teo Siew Hong (Ms) Chief Operating Officer Dover Park Hospice

Source from http://www.straitstimes.com/Breaking%2BNew...ory_343663.html

Jack Neo no need intro Royston Tan of 881 http://www.youtube.com/watch?v=5sgZH_0443o Another one fr Martyn See http://video.google.com/videoplay?docid=55...409749873&hl=en