Perth businessman Steven Goh is expected to declare bankruptcy this week following a soured loan on which he provided a guarantee.
Perth businessman Steven Goh is expected to declare bankruptcy this week following a soured loan on which he provided a guarantee.
Speaking to WA Business News prior to making an announcement, the former Sanford Security boss said he had guaranteed a loan of more than $700,000 made to his father, Dr Bean San Goh, and a British Virgin Islands company, First Industries, associated with Chuen Jin Goh, a former friend and associate of Dr Bean San Goh in 1998.
Dr Chuen Jin Goh is also an Adjunct Professor at UWA.
Several court cases between Dr Bean San Goh and First Industries have gone against Dr Goh.
There is a second case between Patricia Goh and First Industries.
WA Business News understands that some family property is also the subject of the litigation.
“My father has gone under and, as a result, so have I,” Steven Goh said.
He said he had attempted to settle the issue “as late as June”, however the end result was that he had been forced to declare bankruptcy.
“After bitter litigation, rather than continuing a bitter mess, I’ve chosen to concede to judgement,” Steven Goh said.
“There is still continuing dispute between Dr [Bean San] Goh and First Industries and I can imagine that may continue to run for a few more years.”
Mr Goh, a 40under40 winner in 2002 and the founder of Sanford Securities Ltd, said he was unaware of the details of the initial loan, which he considered as being made between friends.
He described his personal bankruptcy as “a bit of an inconvenience” and was adamant his personal financial circumstances would not affect his recent business venture Project Goth.
The Perth-based entrepreneur also rejected suggestions he had deliberately been out of the country while the First Industries legal representation, Summerslegal, tried to serve paperwork on him.
“Project Goth has an international flavour and we’ve been travelling a lot,” Steven Goh said.
Mr Goh established Project Goth in April this year aiming to target the pre-paid mobile phone market.
“Goth is going really well and another couple of projects I’m working on are going well,” he said.
However, Steven Goh said that Project Goth had not been as successful as he initially hoped in Australia, but there was significant interest in the concept internationally.
Under Mr Goh, Perth-based online broking firm Sanford became a significant player in the financial services IT market until a successful takeover from Melbourne financial data group IWL.
