Goh Jin Hian steps down as Cordlife chairman but staying on as ID

Singapore

GOH Jin Hian has left his post as chairman of Cordlife Group with immediate effect, although he continues to serve as an independent director. He also remains the non-executive chairman of New Silkroutes Group.

The announcement comes after Inter-Pacific Petroleum's (IPP) judicial managers (JMs) sued him in relation to an alleged breach of director's duties. Dr Goh, the medically trained son of former Singapore prime minister Goh Chok Tong, is ceasing the role "to devote more time to his personal affairs", said Cordlife in a filing late Monday night.

In the meantime, Ho Choon Hou, vice-chairman and independent director, was named the acting chairman of the mainboard-listed cord-blood banking firm.

Deloitte & Touche, the JMs of insolvent marine fuel and cargo trader IPP, filed the suit against Dr Goh in the Singapore High Court on Friday night.

He was IPP's executive director from 2011 to late 2014, and then non-executive director until August 2019.

The lawsuit is funded by IPP's two major bank creditors, Societe Generale (SocGen) and Maybank, which are seeking to recover losses they claim were a result of his alleged negligence, according to court documents seen by The Business Times (BT).

Cordlife's nominating committee (NC) and board said it would be appropriate to allow the legal proceedings to run its due course.

The cessation of Dr Goh's role as chairman will allow him to give sufficient time and attention to the company's affairs as an independent director, Cordlife added.

At the same time, the NC and board believe he "has the character and integrity suitable to continue as independent director". Given his qualifications, expertise and experience, it is in the best interests of the company for him to remain in that role, they noted.

Meanwhile, mainboard-listed New Silkroutes Group on Tuesday said it believes Dr Goh is suitable to continue as a director of the healthcare and energy firm despite the litigation. This is because it is a civil suit against him, and the allegations are without merit, based on his lawyers' legal advice, New Silkroutes said.

TSMP advised Dr Goh that the JMs' allegations are without merit both on the facts and on the law.

New Silkroutes' board added that he "has every confidence that he will be wholly vindicated when he defends himself in court".

Dr Goh was also chief executive of New Silkroutes, but vacated the role last Thursday.

Separately, he is assisting with the Commercial Affairs Department's probe into a possible offence under the Securities and Futures Act in relation to New Silkroutes.

Cordlife shares finished Tuesday flat at S$0.36. New Silkroutes shares rose 0.2 Singapore cent or 1.8 per cent to end at 11.3 cents.