Latest news with #BankruptcyAct
The Star
09-07-2025
- Business
- The Star
S$43,000 fine for undischarged bankrupt doctor in Singapore who failed to disclose assets worth over S$4mil
Goh Seng Heng will have to spend 22 weeks behind bars if the amount is not paid. - Photo: ST file SINGAPORE: An undischarged bankrupt doctor with a total debt of nearly S$48 million owing to his creditors as at May 28 failed to disclose assets worth more than S$4 million to the authorities. Goh Seng Heng, 70, who founded the PPP Laser Clinic chain, was fined $43,000 on Wednesday (July 9) after he pleaded guilty to eight charges under the Bankruptcy Act. He will have to spend 22 weeks behind bars if the amount is not paid. In 2019, he lost a lawsuit filed by businesswoman Wang Xiaopu, who invested $30.7 million in the PPP chain and demanded the return of her money. When he failed to repay the sum, she sued his family members, contending that he placed his assets out of his creditors' reach via various asset purchases and transfers. Goh applied for bankruptcy on March 6, 2020, stating that he was unable to pay his debts. He was declared a bankrupt 13 days later, on March 19. Wang, represented by Senior Counsel Jimmy Yim and Grace Morgan from Drew & Napier, argued that Goh's bankruptcy application was intended to delay, hinder and defraud his creditors. On March 29, 2023, the High Court ruled that Goh had moved millions in assets to his family members with the intent to defraud his creditors. For the current case, Ministry of Law prosecutor Benjamin Yim told the court that on March 24 and April 29, 2020, an Official Assignee (OA) appointed to administer Goh's bankruptcy-related affairs gave the doctor written directions to submit information linked to such matters. The OA is a public servant who investigates the affairs of bankrupts and recovers their assets for distribution to creditors. Goh submitted the information on May 3 that year, but investigations later revealed that he made multiple omissions. Court documents stated that he failed to disclose the disposal of 760 shares in a company called 'Dr Michelle Goh' worth more than $306,000, and three shares in another firm called GSHKML worth nearly $1.4 million. Goh was involved in the non-disclosure of the disposal of insurance policies linked to over $154,000 in total. Yim said the doctor did not disclose the contents of a safe deposit box worth $700 and a bank account containing over $7,000. Goh failed to disclose the disposal of more than $1.2 million and US$900,015 (S$1.1 million) owed to him by a company called Singapore Yacht Charter. The prosecutor urged the court to sentence him to a fine of at least $43,000, adding: 'There is a strong public interest in ensuring that bankrupts take their obligations seriously and cooperate with their bankruptcy trustees when it comes to disclosure of assets. 'The offences committed by the accused impeded the orderly administration of his bankruptcy estate and the sentence to be meted out to him must be sufficient to deter others who might be tempted to follow in his footsteps.' Goh was represented by lawyers Chooi Jing Yen and Claire Chong. The team from the Chooi Jing Yen law firm told the court that they did not object to the prosecution's submission for a fine of at least $43,000. They said their client is a first-time offender and his daughter will pay the fine on his behalf. Goh still has multiple other pending charges under the Bankruptcy Act, and these will be dealt with later. - The Straits Times/ANN
Straits Times
09-07-2025
- Business
- Straits Times
$43k fine for undischarged bankrupt doctor who failed to disclose assets worth over $4m
Sign up now: Get ST's newsletters delivered to your inbox Goh Seng Heng will have to spend 22 weeks behind bars if the amount is not paid. SINGAPORE – An undischarged bankrupt doctor with a total debt of nearly $48 million owing to his creditors as at May 28 failed to disclose assets worth more than $4 million to the authorities. Goh Seng Heng, 70, who founded the PPP Laser Clinic chain, was fined $43,000 on July 9 after he pleaded guilty to eight charges under the Bankruptcy Act. He will have to spend 22 weeks behind bars if the amount is not paid. In 2019, he lost a lawsuit filed by businesswoman Wang Xiaopu , who had invested $30.7 million in the PPP chain and demanded the return of her investment. When he failed to repay the sum, she sued his family members, contending that he had placed his assets out of his creditors' reach via various asset purchases and transfers. Goh applied for bankruptcy on March 6, 2020, stating that he was unable to pay his debts. He was declared a bankrupt 13 days later, on March 19. Madam Wang, represented by Senior Counsel Jimmy Yim and Ms Grace Morgan from Drew & Napier, had argued that Goh's bankruptcy application was intended to delay, hinder and defraud his creditors. On March 29, 2023, the High Court ruled that Goh had moved millions in assets to his family members with the intent to defraud his creditors. For the current case, Ministry of Law prosecutor Benjamin Yim told the court that on March 24 and April 29, 2020, an Official Assignee (OA) appointed to administer Goh's bankruptcy-related affairs gave the doctor written directions to submit information linked to such matters. The OA is a public servant who investigates the affairs of bankrupts and recovers their assets for distribution to creditors. Goh submitted the information on May 3 that year, but investigations later revealed that he had made multiple omissions. Court documents stated that he had failed to disclose the disposal of 760 shares in a company called 'Dr Michelle Goh' worth more than $306,000, and three shares in another firm called GSHKML worth nearly $1.4million. Goh was also involved in the non-disclose of the disposal of insurance policies linked to over $154,000 in total. Mr Yim said the doctor did not disclose the contents of a safe deposit box worth $700 and a bank account containing over $7,000. Goh also failed to disclose the disposal of more than $1.2 million and US$900,015 (S$1.1 million) owed to him by a company called Singapore Yacht Charter. The prosecutor had urged the court to sentence him to a fine of at least $43,000, adding: 'There is a strong public interest in ensuring that bankrupts take their obligations seriously and cooperate with their bankruptcy trustees when it comes to disclosure of assets. 'The offences committed by the accused impeded the orderly administration of his bankruptcy estate and the sentence to be meted out to him must be sufficient to deter others who might be tempted to follow in his footsteps.' Goh was represented by lawyers Chooi Jing Yen and Claire Chong. The team from the Chooi Jing Yen law firm told the court that they did not object to the prosecution's submission for a fine of at least $43,000. They also said that their client is a first-time offender and his daughter will pay the fine on his behalf. Goh still has multiple other pending charges under the Bankruptcy Ac, and these will be dealt with at a later date.
New Straits Times
19-06-2025
- Business
- New Straits Times
NST Leader: Cool stuff with costly consequences
For decades, parents have passed down long-standing advice to their children: live within your means and always settle your debts. This wisdom tends to repeat across generations. Those who listened and followed it tended to continue the tradition. But many do not, as this form of parental discipline is often overlooked in today's era of mass consumerism. E-commerce activity is largely driven by smartphone users, most of them young adults aged 19 to 40. Many are easily persuaded by advertising, promotional sales and marketing tactics. It's fine if the purchases are inexpensive gadgets, clothes, trinkets, food, sundry goods or travel bookings. It becomes problematic when the purchases are luxury items that these young adults cannot afford, either in business or personal terms. Ownership may appear cool but in reality, many are trapped by these status symbols. The situation worsens when such spending turns into a socioeconomic burden, especially due to the rise of "Buy Now, Pay Later" schemes, arguably one of the most dangerous credit traps conceived. These "conveniences" turn buyers into shopaholics. For most people, the urge to shop remains under control. But some overspend to the point of bankruptcy. This situation is reflected in the growing numbers of bankruptcies involving young individuals. In 2024, 877 bankruptcies were recorded among young individuals, an increase of 727 cases from 2023. This occurred despite a 2023 amendment to the Bankruptcy Act that allows individuals under 40 to exit bankruptcy faster, provided they meet low-debt criteria. Compulsive shopping is becoming as serious as gambling, substance abuse, or alcoholism. It's unsurprising that compulsive buying drives these young people to achieve a "high", so there is a need to address the problem at its source. Let's begin with social media use and smartphone habits. We must also teach children essential values: cleanliness, good manners, proper etiquette, and a disdain for corruption. A simple yet powerful step is to include financial literacy in the school syllabus. Begin with the basics: money management, responsible access to credit and the long-term effects of consumer habits. This is the same traditional parental advice but on steroids. Civic and citizenship education, which teaches roles, rights and responsibilities in society, is already a compulsory subject starting in Year 4. Authorities could expand it to include practical consumer education and guidance on navigating social media and trend-driven pressures. Students should also learn about the dire consequences of poor budgeting and excessive borrowing. With these strong foundations in financial literacy, children can avoid debt traps and bankruptcies.
The Star
17-06-2025
- Business
- The Star
Bank Negara plans to make Financial Education Network Proaktif mandatory for youth
Bank Negara deputy governor Adnan Zaylani Mohamad Zahid KUALA LUMPUR: Bank Negara Malaysia (BNM) plans to make its money literacy programme, called Financial Education Network (FEN) Proaktif, mandatory for the youth. BNM deputy governor, Adnan Zaylani Mohamad Zahid, said the central bank is looking forward to working with various agencies in encouraging the youth to enrol in this programme. "(We are planning) to make it mandatory or give them credit to undertake this FEN Proaktif financial education programme so that the youth are equipped by the time they graduate or they enter the workforce. "This is to make sure they have sufficient financial literacy, knowledge and skills to face these financial decisions at any moment,' he said. Adnan Zaylani said this during a panel session on the topic, "Securing Youth Financial Future: Enhancing Financial Capability', at the Sasana Symposium 2025, hosted by BNM today. He noted that BNM is currently awaiting responses from the respective ministries regarding its planning and added that: "We will see if the ministries will be reset before that suggestion'. The panel session was also attended by the Minister of Youth and Sports (KBS), Hannah Yeoh, who also addressed alarming data on the number of youth involved with bankruptcy in Malaysia. In 2024, 877 cases of youth declaring bankruptcy were recorded, compared to 727 in 2023, showing an increase of 150 cases within a year. "If you look at the youth population, 9 million, this is a small number, but the trend is a bit scary? It is so easy to buy things and then put them on an instalment plan and then pay later, but when you start accumulating credit card debt, you pay interest, spending money that you do not have,' said Yeoh. Thus, she said amid the growing trend, the MADANI government has amended the Bankruptcy Act, allowing bankrupt persons below 40 who have small debts to be discharged to give them a second chance. - Bernama
The Sun
17-06-2025
- Business
- The Sun
BNM plans to make Financial Education Network Proaktif mandatory for youth
KUALA LUMPUR: Bank Negara Malaysia (BNM) plans to make its money literacy programme, called Financial Education Network (FEN) Proaktif, mandatory for the youth. BNM deputy governor, Adnan Zaylani Mohamad Zahid, said the central bank is looking forward to working with various agencies in encouraging the youth to enrol in this programme. '(We are planning) to make it mandatory or give them credit to undertake this FEN Proaktif financial education programme so that the youth are equipped by the time they graduate or they enter the workforce. 'This is to make sure they have sufficient financial literacy, knowledge and skills to face these financial decisions at any moment,' he said. Adnan Zaylani said this during a panel session on the topic, 'Securing Youth Financial Future: Enhancing Financial Capability', at the Sasana Symposium 2025, hosted by BNM today. He noted that BNM is currently awaiting responses from the respective ministries regarding its planning and added that: 'We will see if the ministries will be reset before that suggestion'. The panel session was also attended by the Minister of Youth and Sports (KBS), Hannah Yeoh, who also addressed alarming data on the number of youth involved with bankruptcy in Malaysia. In 2024, 877 cases of youth declaring bankruptcy were recorded, compared to 727 in 2023, showing an increase of 150 cases within a year. 'If you look at the youth population, 9 million, this is a small number, but the trend is a bit scary? It is so easy to buy things and then put them on an instalment plan and then pay later, but when you start accumulating credit card debt, you pay interest, spending money that you do not have,' said Yeoh. Thus, she said amid the growing trend, the MADANI government has amended the Bankruptcy Act, allowing bankrupt persons below 40 who have small debts to be discharged to give them a second chance.
