Dbs, Acra/ Accountıng And Corporate Regulatory Authorıty

Dbs, Acra/ Accountıng And Corporate Regulatory Authorıty

Nelson Loh has left S'pore amid business troubles, police probe into Novena Global Healthcare Group: Terence Loh

Nelson Loh has left Singapore amid business troubles, police probe into Novena Global Healthcare Group: Terence Loh

20/11/2020 11:33:00 AM

Nelson Loh has left Singapore amid business troubles, police probe into Novena Global Healthcare Group: Terence Loh

DBS on Tuesday applied to wind up Novena Global Healthcare Pte Ltd, co-founded by the Loh cousins.. Read more at straitstimes.com.

Mr Terence Loh, 43, said in a statement on Friday (Nov 20) in response to the application by DBS Bank to wind up subsidiary Novena Global Healthcare Pte Ltd:"Perhaps more than anyone else, I feel deeply betrayed by Nelson, who has left Singapore and appears to have no intention to sort out this terrible mess we are left with."

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The Singapore subsidiary of the Cayman Islands-incorporated group faces possible liquidation next month if the High Court gives the nod for the winding-up.However, Mr Terence Loh said that he"firmly believes" the potential liquidation of the Singapore subsidiary, which operates six aesthetic clinics in Singapore,"may not necessarily result in the demise" of the parent company.

Auditing consultancy RSM has been appointed by the supervisory committee of Novena Global Healthcare Group to act as its special accountant, the statement said.Mr Terence Loh said:"I will continue to engage with RSM until any liquidation occurs and will assist any appointed liquidators to recover value." headtopics.com

On Tuesday, DBS had applied to the High Court to wind up Novena Global Healthcare Pte Ltd, which is believed to have owed the bank millions of dollars.The application will be heard in court on Dec 11.The company incorporated in 2016 has also not filed its annual returns which was due on June 29, 2018.

An Accounting and Corporate Regulatory Authority (Acra) spokesman told The Straits Times that the authority will be taking further enforcement action.This could lead to the company and/or its directors prosecuted in court.Another subsidiary, Novena Life Sciences, also co-founded by Terence and Nelson Loh, is also facing further enforcement action by Acra for failing to file its annual returns due on Dec 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 spokesman said.More on this topic The entities include Aesthetic Medical Partners and Rock Star Advisors.

An Acra search showed Citibank had put charges on two other entities incorporated by the Loh cousins - Novena Aptus and Novena Novaptus - earlier this year.Citibank declined comment.In September, four directors of Novena Global Healthcare Group set up a committee to investigate its audited accounts after accounting firm Ernst & Young (EY) made a police report that its signatures were allegedly forged on the financial statements of the group. headtopics.com

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Police investigations are still ongoing.Mr Terence Loh had since legally separated his business interests from his cousin.Under the separation agreement entered on Oct 6, Mr Nelson Loh will transfer all the shares he owns in three corporate entities - Novena Global Healthcare Group and all its subsidiaries, Singapore-registered Dorr Global Healthcare International and Singapore-registered Rock Star Advisors - 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 Singapore-registered Bellagraph Nova (BN) Group to Mr Nelson Loh for $1 and resign as its director.An Acra search showed Mr Terence Loh has ceased to be a director of Bellagraph Nova on Nov 10. The company was incorporated in July between the cousins and Chinese entrepreneur Evangeline Shen, 32.

Read more: The Straits Times »

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DBS applies to wind up Novena Global Healthcare founded by Loh cousinsThe firm will be put into liquidation if the High Court grants the application next month.. Read more at straitstimes.com.

Yet another twist in Singapore's Loh cousins sagaTHE saga involving Singapore's controversial cousins Terence and Nelson Loh, hit by a credibility fallout since their curious £280 million (S$494 milion) bid in August for Newcastle United football club, has taken a few more twists. Read more at The Business Times.

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