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SINGAPORE – Mr. Nelson Loh, 40, co-founder of Novena Global Healthcare Group, which is under police investigation, has left Singapore, said his cousin and former business partner, Terence Loh.
Terence Loh, 43, said in a statement on Friday (November 20) in response to DBS Bank’s request to liquidate the subsidiary Novena Global Healthcare Pte Ltd: “Perhaps more than anyone, I feel deeply betrayed by Nelson, who He has left Singapore and seems to have no intention of solving this terrible mess he has left us. “
The Singapore subsidiary of the group incorporated in the Cayman Islands faces a possible liquidation next month if the High Court gives the go-ahead for the liquidation.
However, Mr. Terence Loh said he “strongly believes” that the possible liquidation of the Singapore subsidiary, which operates six beauty clinics in Singapore, “will not necessarily result in the demise” of the parent company.
Audit consultancy RSM was appointed by Novena Global Healthcare Group’s supervisory committee to act as its special accountant, the statement said.
Mr. Terence Loh said: “I will continue to collaborate with RSM until a liquidation occurs and I will help designated liquidators to recover value.”
On Tuesday, DBS had petitioned the Supreme Court for the liquidation of Novena Global Healthcare Pte Ltd, which is believed to owe the bank millions of dollars.
The request will be heard in court on December 11.
The company incorporated in 2016 has also not submitted its annual returns that expire on June 29, 2018.
A spokesperson for the Corporate and Accounting Regulatory Authority (Acra) told The Straits Times that the authority will take further enforcement action.
This could lead to the company and / or its directors being prosecuted in court.
Another subsidiary, Novena Life Sciences, also co-founded by Terence and Nelson Loh, is also facing further enforcement action from Acra for failing to file its annual returns that are due December 4, 2019.
On Wednesday, Acra confirmed with ST that six more entities owned by the Loh cousins had not filed annual returns. Enforcement actions against them are ongoing, the spokesperson said.
Entities include Aesthetic Medical Partners and Rock Star Advisors.
A search in Accra showed that Citibank had charged two other entities incorporated by Loh’s cousins, Novena Aptus and Novena Novaptus, earlier this year.
Citibank declined to comment.
In September, four directors of Novena Global Healthcare Group established a committee to investigate their audited accounts after the accounting firm Ernst & Young (EY) made a police report that their signatures were allegedly falsified in the group’s financial statements.
Police investigations are still ongoing.
Since then, Terence Loh had legally separated his business interests from those of his cousin.
Under the separation agreement signed on October 6, Nelson Loh will transfer all the shares he owns in three corporate entities: Novena Global Healthcare Group and all its subsidiaries, Dorr Global Healthcare International, registered in Singapore, and Rock Star Advisors, registered in Singapore , to Mr. Terence Loh for $ 1. Mr. Nelson Loh will also resign as director of these three entities.
Mr. Terence Loh will transfer all the shares he owns in the Singapore-registered Bellagraph Nova (BN) Group to Mr. Nelson Loh for $ 1 and will resign as its director.
A search in Accra showed that Terence Loh stepped down as director of Bellagraph Nova on November 10. The company was incorporated in July between the cousins and 32-year-old Chinese businesswoman Evangeline Shen.
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