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DBS applies to wind up Novena Global Healthcare founded by Loh cousins

DBS applies to wind up Novena Global Healthcare founded by Loh cousins

Source: Straits Times
Article Date: 20 Nov 2020
Author: Joyce Lim

The pair of cousins are also being investigated by the police for allegedly using unauthorised signatures of accounting firm Ernst & Young on its financial statements.

DBS has applied to the High Court to wind up Novena Global Healthcare, which is believed to have owed the bank millions of dollars.

The firm will be put into liquidation if the High Court grants the application next month.

Novena's parent, Novena Global Healthcare Group, which was incorporated in the Cayman Islands by Singaporean cousins Terence and Nelson Loh, has been under police investigations for allegedly using unauthorised signatures of accounting firm Ernst & Young (EY) in financial statements.

Police declined to comment as investigations are still ongoing.

Novena Global Healthcare has also breached Accounting and Corporate Regulatory Authority (Acra) regulations by failing to file its annual return.

The return has still not been filed despite warnings and enforcement action by Acra.

An Acra spokesman told The Straits Times that the authority will be taking further action against Novena Global Healthcare and Novena Life Sciences, which was also co-founded by the Loh cousins. This could result in the companies and the directors being prosecuted.

Acra has also found that six other entities owned by the Loh cousins had not filed annual returns.

Enforcement action against them are ongoing, the spokesman said.

The entities include Aesthetic Medical Partners and Rock Star Advisers.

The Loh cousins made news in August with a �280 million (S$498 million) takeover bid for English Premier League club Newcastle United. This bid was made under the Bellagraph Nova Group, which they founded with Chinese entrepreneur Evangeline Shen, in July.

The cousins have since parted ways.

Mr Terence Loh, 42, announced a "separation agreement" entered into between the cousins and former business partners on Oct 6.

It involves Mr Nelson Loh, 40, transferring all his shares in three entities - Cayman Islands-registered Novena Global Healthcare Group and all its units, Singapore-registered Dorr Global Healthcare International, and Singapore-registered Rock Star Advisors - to Terence for $1.

He will also resign as director of the entities.

The ST reported previously that Acra searches showed Citibank registered charges on Novena Aptus and Novena Novaptus on Feb 24 this year, a month after the two companies were incorporated by the Loh cousins.

A charge is usually taken by a lender or creditor to secure repayment of a loan.

Sources with knowledge of the loans said that Citibank lent the Loh cousins several million dollars.

Citibank declined comment.

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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