Goh’s Prominent Status in Singapore’s Business Scene
Goh Jin Hian, a significant figure in Singapore’s corporate landscape, finds himself mired in controversy. Goh’s professional background includes important roles such as the ex-CEO of investment giant New Silkroutes Group and the former director of bunker provider Inter-Pacific Petroleum. He made headlines for being not just an influential business mogul, but also the offspring of Singapore’s past Prime Minister, Goh Chok Tong.
In The Eye of a Legal Storm
However, his reputed legacy received a steep hit when Channel News Asia reported that Goh along with three other executives linked to New Silkroutes Group were accused of fraudulent trading activities earlier this week. Goh, along with the company’s erstwhile Executive Director Kelvyn Oo Cheong Kwan, ex-finance director William Teo Thiam Chuan, and Huang Yiwen, a commercial slinger for the firm, are now under the legal scanner.
Alleged Market Manipulations
At the center of the saga is Goh’s alleged involvement in the manipulation of prices of New Silkroutes Group securities. As the scheme unfolded over 31 trading days ranging from February to August 2018, they allegedly created an illusion of deceptive pricing performers through manipulated transactions.
The Fall of Inter-Pacific Petroleum
Interestingly, Goh also held a significant position in Inter-Pacific Petroleum, recognized as Singapore’s 26th biggest bunker supplier in terms of volume in 2018. However, the firm faced severe backlash in July 2019 when their license for bunker craft operations was suspended and eventually revoked by the Maritime and Port Authority. This punitive action followed investigations into allegations that the supplier misused magnetic tactics to manipulate mass flow meter readings. Following this setback, Inter-Pacific Petroleum turned towards a court-guided debt reconstructing process in September 2019 citing insufficient funds to maintain operations.
As the dramatic turn of events unfolds, stakeholders of Goh’s business ventures remain anxious about the fallout of his alleged actions, causing ripples in Singapore’s corporate and political spheres.
