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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.

What is your view? After the other guy's (you know who) bold prediction failed miserably!

I didn't know her, but used to see her performing outside AMK Hub a few times. She does have a good voice for LIVE performance. RIP https://www.straitstimes.com/lifestyle/entertainment/local-musician-heartland-busker-tong-yek-suan-dies-aged-48

SINGAPORE - The first volume of a two-part biography of Emeritus Senior Minister Goh Chok Tong will hit bookshelves in two months. Called Tall Order: The Goh Chok Tong Story, it will cover Mr Goh's early life up to 1990, when he took office as prime minister. Mr Goh revealed the news in a Facebook post on Thursday night (Sept 6), when he uploaded pictures of himself meeting former Hong Kong chief executives Tung Chee Hwa and Leung Chun Ying on a recent visit to the city, as well as an older photo of himself and Mr Tung. "Both are old friends," Mr Goh, 77, wrote. "I first met Chee Hwa in the early 1970s when we were both in shipping." He added that the older photo of both men "partying in Vienna drinking young wine after an international shipping conference" will feature in his biography, which will be released in November. Mr Goh was Singapore's second prime minister, and held the post for nearly 14 years before stepping down in 2004. According to a description on the website of the publisher World Scientific, the book will reveal "the private deliberations and negotiations" between Mr Goh and Singapore's first prime minister Lee Kuan Yew before the leadership transfer in 1990. t will also tell the extraordinary story of Mr Goh's life and career over half a century, "revealing how Singapore's second Prime Minister rose through a combination of strength, wit and a political nous which many, including himself, did not know he had". "In this first of two volumes, Goh navigated years of a challenging apprenticeship to Lee, scoring numerous policy successes but also suffering political blows and humiliation," it added. The biography is being written by former Straits Times journalist Peh Shing Huei, who is now a partner at content agency The Nutgraf. Mr Peh said the book was based on a series of face-to-face interviews with Mr Goh, done by the Nutgraf team as well as ST Editor-at-Large Han Fook Kwang. It will include content that has not been made public previously. "It has been 14 years since ESM Goh stepped down as Prime Minister and I understand there have been many people who have tried to persuade him to tell his story during this time. I'm glad he has finally agreed," Mr Peh, 42, said. "He gave me and my team generous time and plenty of good stories."

I saw him driving along Bukit Timah road today....answer to be revealed soon....

Lim Kay Tong to play founding PM Lee Kuan Yew in the movie 1965 http://www.straitstimes.com/lifestyle/movies/story/lim-kay-tong-play-founding-pm-lee-kuan-yew-the-movie-1965-20141008 SINGAPORE - Despite an almost unanimous verdict among Singaporeans on social media that he is perfect for the role, veteran actor Lim Kay Tong admits he had to overcome cowardice before agreeing to play Singapore's founding prime minister Lee Kuan Yew in the local movie 1965. At a press conference on Wednesday, he says: "Two things in the 1960s that are stuck indelibly in my mind - the assassination of John F. Kennedy and Lee Kuan Yew's speech on the separation. Even as a child, you realise the significance of it, you see a different side to the man, a very human side. That press conference really defined him in a different way. "After reading the script, Lim, 60, thought he could take on the part.

Any bros out there knows anything about the history of this red and white "Tan Tong Meng" tower ? I'll be shifting into my matrimonial home in about a month's time. Home is right next to this Tan Tong Meng tower. Have been hearing rumours about this building being haunted, I'm absolutely fine, I love the location and my new place. Problem is, due to my long hours at work, I normally reach home quite late, wifey is getting the jitters because of this. Thus would appreciate anyone who knows any history of this place so that I can calm my wifey lol. Thanks in advance 　 PS: Radx, not sure if I should post this under the property segment or Lite & Easy, so pls move my thread if you think its unsuitable here. cheers Have attached the picture of Tan Tong Meng Tower for easy reference

you have my utmost respect Mr Ngiam http://www.sma.org.sg/UploadedImg/files/Pu...0transcript.pdf http://sg.news.yahoo.com/ngiam-tong-dow-la...-100223359.html

pix says a thousand words......obviously i did not eat

Yahoo news : Urine eggs a delicacy in China Eggs boiled and simmered in urine of virgin boys are a popular springtime snack in eastern China. Michaela Cabrera reports link: http://sg.news.yahoo.com/video/world-26300...a-28767303.html Like that also can ....

hey bros, need some guidance :) thks in advance. My 1.5L (2007)coming to 5th(2012) yr Liao. Mileage 96K+. Major servicing is due soon. Is it a Good idea to change my ride n get a used car? New car prices are crazy due to COE. Cos my thinking is after 100k major servicing, subsequent servicing will be major. Cost some $$$. Is it saving some $$$ if I change my ride from 2008-10, mileage from 30-50K mileage? Servicing is cheaper in that sense. Had check with some dealer, sell off, I get at least $40K. Outstanding around $16k. Take back $24K. Using that to buy another ride. Still looking at 1.5L and below. Now interest is low as compared to my 2.5%. My concern is also to reduced my mnthly installment. But with low interest, still not possible to lower than now. My loan is 7yr for current ride. Then should I keep status quo? Should I itchy backside n change or wait till fully paid off my loan n drive for full 10 yrs but will spend some $$$ on maintenance. M In a dilemma. Or to some bro, very clear cut change or remains. Frankly speaking used car has it's limitation in terms of colour, model. I still love my ride. None is as good unless it's a conti car but I will not consider conti car for now due to higher $$.

What do you think?

http://www.youtube.com/user/ElectricNewPap...u/1/vnURnu6R8BA

Veteran opposition leader Mr Chiam See Tong will be abandoning his stronghold of Potong Pasir to lead a team to contest in Bishan-Toa Payoh GRC led by Deputy Prime Minister Wong Kan Seng. The stunning news was revealed today by Chairman of the Singapore People’s Party Mr Sin Kek Tong to the media and was published in Shin Min Daily. It was not revealed who else will be running together with Mr Chiam in Bishan-Toa Payoh GRC. Mr Chiam’s wife, retired nurse Ms Lina Loh will take over his place in Potong Pasir. Mr Chiam first won the single seat of Potong Pasir in 1984 when he defeated PAP’s Mah Bow Tan by winning 60.8 per cent of the valid votes. He were to keep his seat by winning the subsequent 5 elections and becoming the longest-serving opposition MP in Parliament. Mr Chiam just celebrate his 25th anniversary as MP for Potong Pasir and judging from the response he received from the residents attending the dinner, it is evident that he is still highly popular among them. Ms Lina Loh has been working the ground for the last few years and cuts a familiar figure in Potong Pasir. Bishan-Toa Payoh GRC has not witnessed any electoral contests since 1988 while Mr Chiam won his seat during the last election by 55 per cent of the votes. Mr Chiam has earlier indicated his desire to break the PAP’s stranglehold on the GRCs by winning the one. The closest the opposition has come to winning a GRC since the scheme was first introduced in 1988 was at Eunos GRC during the same year where the Workers’ Party trio of Francis Seow, Lee Siew Choh and Mohamad Yackob won 49.1 per cent of the votes. While Mr Wong may not be the most popular PAP leader in Singapore, Bishan-Toa Payoh GRC has been his stronghold for over 20 years and it may be difficult for Mr Chiam to dislodge him. News Source

Was at SPP Potong Pasir rally on 30 April. I've attended Mr Chiam's rallies in the past two elections and though I've known about his stroke it still caught me a bit by surprise when I saw him tonight. Gone were the rousing speeches in the past and what I heard tonight was a man uttering sentences in a slurred voice with long 30-second to a minute's pauses in between. Despite this, the crowd was deafeningly silent - patiently waiting for his next sentence with none of the background chatter one normally hears in rallies. When he spoke about LKY's criticism of his 5 'O' Levels and how he, despite his results, became a lawyer and then a MP, and that nothing is impossible once we put our minds to it, I found myself struggling to hold back my tears. Even though the line may be cliche, I found myself in awe and greatly humbled by the frail man struggling to deliver his speech before me. In truth, he didn't say much - he didn't need to. The crowd needed absolutely zero convincing that here is a man with nothing left to prove but yet strives on simply for his "love of Singaporeans". I thought maybe I was just being emo, but I saw that the grown uncles beside me were in tears too. I never thought I would ever witness such a spontaneously emotional scene in pragmatic Singapore, certainly not in a rally. The above is just my way of describing how I felt during the rally (I couldn't sleep and hence felt to need to type this out ) Perhaps after reading this you may wonder what's the big deal to get emotional about but I think it's different when one is there in person. Maybe those of you who attended can share your thoughts as well?

very interesting mtv by mrbrownshow http://www.youtube.com/watch?v=vw7jIOGJLq4&NR=1

谢谢你

Together Singaporeans Can Make A Difference Goh Joke Tong

Potong Pasir MP Chiam See Tong has chosen his wife Lina to be his political successor. This means that Mrs Chiam, 61, will be contesting the single-seat constituency her husband has held since 1984. Mr Chiam,75, on the other hand, intends to lead a team to stand in the neighbouring Bishan-Toa Payoh GRC, a five-MP constituency he has been eyeing for some time in the next General Elections, which must be held by February 2012. The opposition veteran told The Straits Times at his Meet-the-People session on Wednesday night that he chose his wife as she was his

Alex Zhixiang Tan hi all i have joined the Singapore Democratic Alliance through Singapore People's Party under the respectable Mr Chiam See Tong. Singapore for Singaporeans

New opposition candidate expected in Potong Pasir By Zul Othman, TODAY | Posted: 03 November 2009 1829 hrs SINGAPORE: It is likely that Potong Pasir Member of Parliament Chiam See Tong will contest in a Group Representation Constituency (GRC) in the next General Election, which is due by February 2012. According to Singapore People's Party (SPP) chairman Sin Kek Tong, "someone new" will be fielded to defend the Potong Pasir ward - a constituency that Mr Chiam has represented since 1984. Mr Sin did not give any details on the potential candidate or which GRC Mr Chiam plans to contest. On Sunday, People's Action Party secretary-general Lee Hsien Loong said at the party's annual convention that "had to be some change with the way we treated Potong Pasir". He was referring to the 2006 election when Mr Chiam had urged voters to vote for him, and get "two MPs for the price of one". Catch the full story in TODAY newspaper on Wednesday.

Mr Chiam and J.B. Jayaratnam's son are discussing to combine resources and forces to form 1 GRC to take on the PAP in the coming GE. I sincerely hope they can win 1 GRC. Mr Chiam is getting old already and this is our last chance to support him.

I've read an interview with with Ngiam Tong Dow on straits times'(22 may 08) home section, and his views resonates deep within me. Unfortnately, because I do not subscribe to ST Online, I can only but share a few excerpts with you. Singapore Becoming High Cost, Low Tech "Wages in Singapore had gone up significantly over the decades, but the level of technology not by as much" " Their best and brightest from Oxbridge, instead of going into engineering and running factories, went into the City of London. City of London - They are not creators of wealth, they are just shuffling wealth assets around the place" " The United States has over taken Britain because "while some of their best went to Wall Street, their best still go into engineering" - Mr Ngiam's take on London' economic decline and US's continued economic success I am an engineer, and this strikes me with entirety. From my point of view, Singapore's engineering prowess(other than rig building) is falling/has fallen behind countries like Malaysia, and even the up and coming China. Manufacturing is dead because we only rely on MNCs to give jobs, and when they move to cheaper places, there is no one to replace them. Even after 30 years under them, Singapore's economic visionares did not develop engineering technology proprietary to Singapore. Simply look at the AMD and Intel chips, mobos, etc we have in our rigs. Its all manufactured in Malaysia, Taiwan, and China. You will need supreme mastery of technology to be able to design and manufacture these items, along with equipment used to manufacture these items. Needless to day, these are knowledge not clear to us anymore. On The Sale of Natsteel to Tata. " I don't know why our successors just sold it away, A pity, actually a body of knowledge - because in steel, you must know about steel trading, they whole experience is in there.... why the hell do we sell a pool of knowledge to somebody?[sIC]" It is sad when immediate returns are more valued than possible bigger future development. 40 years of knowledge sold. Because of this, Tata now has the technical prowess to build their cars cheaply ie. the Nano. Singapore, has lost yet, another opportunity. "We had shophouses to let out. When we tendered out, one bank offered $10,000, other stores offered more or less. There was one barber who offered only $200. I took it back to Mr Hon(Hon Sui Sen), and said:"This man offered only $200. But Jurong needs a barber because there are so many workers out there." Mr Hon:"Okay, you accept his $200, but tell him 3-year flexible lease only" We had a barber in Jurong because the chairman od the EDB was prepared to accept a much lower rental." Mr Ngiam on JTC back then. This is a particularly touching point. When the chairman of the EDB is concerned enough about the small things on the street, and able to accept a smaller return for the sake of the masses. Just look at LTA, URA, EDB and most other GLC agencies today. They have grown into huge rad-taped monsters, with many layers. Personally, I can't help but feel sad for Singapore.

Follow the link http://www.straitstimes.com/Free/Story/STIStory_235500.html Full text below in red in case the story got caned.. REIGNING Mr Singapore Tong Chin Wee has been implicated in the biggest dope scandal to hit Singapore sport. He was one of two bodybuilders down to undergo a drugs test after last month's National Championships, but flouted rules by skipping it. Sources said the Singapore Bodybuilding and Fitness Federation (SBBF) sent notification letters on Wednesday to the two, and also three others who tested positive for illegal performance-enhancing drugs. Tong, 34, faces a two-year worldwide ban, but is unlikely to lodge an appeal. Worse, the police officer launched a scathing attack on the association yesterday. Among other things, the overall winner at this year's championships said he does not care even if he is banned for life. The reason: he intends to quit the sport. 'I've never had financial support from the national association in the past 10 years, and am sick of its attitude,' he said. He claims to have spent around $50,000 on supplements and special diet food since joining the national squad in the mid-1990s. The SBBF declined to comment. Tong's impending punishment for skipping a dope test stemmed from the events after the April 20 championships at the Victoria Theatre. Then, he could not urinate for the test even after drinking water and waiting four hours. 'This was partly because I lowered my fluid intake five days before the competition, to make my body look better,' he said. He disputed the SBBF's disclosure last Saturday that two bodybuilders picked for dope tests had left the competition venue without informing officials. He said: 'The SBBF medical committee chairman Roslan Daud and two Singapore Sports Council staff saw me leaving and didn't stop me.' This is not the first time Tong has clashed with the SBBF. In 2002, a month after winning the light-heavyweight (below 90kg) title at the Commonwealth Championships, he cited poor gym training equipment when quitting the then-Asian Games squad. As for possible repercussions on his career, he said he had not committed any criminal offence. Among the four bodybuilders at the annual championships who tested positive, the biggest name caught is South-east Asia Games bronze medallist Sasi Zura Raush. Sasi, last year's Mr Singapore, was notified via registered mail yesterday week. Athletes have 10 days from the receipt of the letter to appeal. If they do not, or if the 'B' samples for those who had earlier tested positive return the same result, two-year bans will be meted out for first-time offenders. Repeat offenders will be banned for life. Officials declined to reveal the identities of the remaining cheats, as World Anti-Doping Agency rules prohibit them from doing so until the athletes waive their right to appeal. It is understood that Sasi and Tong are the biggest names implicated. Sasi could not be reached yesterday.