The mainboard-listed holding company, which has interests in oil trading and healthcare devices, is currently under investigation over a possible securities breach.
Amid a probe by the Commercial Affairs Department into its activities, Goh Jin Hian has stepped down from his role as a non-independent director and non-executive chairman of New Silkroutes Group «to devote more time to personal affairs,» the company said in a regulatory filing on Thursday.
New Silkroutes is under investigation for false trading and market rigging under the Securities and Futures Act in view of past share buy-backs and acquisitions of shares. The company issued a statement backing Goh just two weeks ago and defended him remaining as chairman. Goh was the firm's chief executive officer from June 2011 until October 1, 2020, when he took over as chairman, a move announced in August.
Along with Goh, the firm's finance director William Teo, 51, also resigned as finance director to «focus on personal matters and to pursue other interests.» The firm also filed a statement on Thursday that auditor Deloitte & Touche issued a disclaimer of opinion on the group's financial statements for the financial year ended June 30.
IPP Lawsuit
Goh, who is the son of former Singapore Prime Minister Goh Chok Tong, is also currently being sued for breaching the director's duties during his time as director of insolvent marine fuel and cargo trader Inter-Pacific Petroleum (IPP). He is being pursued by IPP's biggest creditors, Maybank and Societé Générale. The banks claim they are owed $88.3 million and $81.3 million respectively, in a suit filed earlier in October.
Goh also stepped down as chairman of Cordlife, a consumer healthcare company that provides blood banking services, while remaining on the board as an independent director, following news of the lawsuit. He also quietly left Swiss crypto bank Seba's board last week, finews.asia reported.
