Goh quits as New Silkroutes chairman amid lawsuit and CAD probe

Finance director William Teo Thiam Chuan has quit as well

Goh Jin Hian, who took over as chairman of New Silkroutes Group just a fortnight ago, has resigned from this position to “devote more time to personal affairs”. His resignation comes just over a week after he quit as chairman of another listed company CordLife Group.

Goh, son of former prime minister Goh Chok Tong, is in the news recently. He is being sued by the judicial managers of a fuel trading firm Inter-Pacific Petroleum for alleged breach of duties when he was its director. The firm suffered some US$156 million in losses.

See also: NSG confirms chairman Goh is under CAD probe, appoints new CEO

Before taking up the chairman role at NSG, he was its CEO. The company, besides an energy trading business, owns a clutch of clinics and also a stake in fabric maker Shanghai Fengwei Garment Accessory.

Earlier on Oct 15, NSG announced that its auditor Deloitte & Touche LLP has issued a disclaimer of opinion over the service agreements involving Shanghai Fengwei, as well as the value of a stake held by NSG in an entity called Thai General Nice Coal and Coke Co.

On Sept 30, NSG confirmed that Goh is one of the directors under probe by the Commercial Affairs Department over a possible offence under the Securities and Futures Act.

NSG has also confirmed that Kelvyn Oo, who quit on Aug 1 as its chief corporate officer and executive director, is also under probe.

NSG “understands that the alleged offence is false trading and market rigging pursuant to section 197 of the SFA in view of past share buy-backs and acquisitions of shares.”

In a separate announcement, NSG said that finance director William Teo Thiam Chuan has also quit, with immediat effect. Teo, who was appointed to this role in 30 April 2018, quit to "focus on personal matters and to pursue other interests."

NSG shares last traded at 1.1 cents.

See Also:

• NSG confirms chairman Goh is under CAD probe, appoints new CEO

• New Silkroutes Group and former executive director Oo under CAD probe

• Inter-Pacific Petroleum's bunker craft operator licence revoked following investigations

• Ayondo interim CEO Richard Street resigns

• Protesters block main roadways in Admiralty: Hong Kong