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Four Novena Global Healthcare directors to probe audited accounts

Four Novena Global Healthcare directors to probe audited accounts

Source: Straits Times
Article Date: 26 Sep 2020
Author: Joyce Lim

Four directors of Novena Global Healthcare Group, which is founded by cousins Nelson and Terence Loh, have set up a committee to investigate its audited accounts.

Four directors of Novena Global Healthcare Group, which is founded by cousins Nelson and Terence Loh, have set up a committee to investigate its audited accounts.

This comes after accounting firm Ernst & Young (EY) alerted the police that its signatures were allegedly forged on the financial statements of the group, a holding company incorporated in the Cayman Islands.

The directors said yesterday: "The board is aware that EY has since filed a police report over forged audited accounts.

"The board intends to take its own steps to investigate and appoint solicitors."

The statement also said that "the board has appointed a committee to restructure and scrutinise the affairs of Novena Global Healthcare Group and its subsidiaries".

It noted that neither the firm nor its subsidiaries can enter any transactions without the committee's authorisation.

The directors were not named.

TSMP Law Corporation, which acts for one of the directors, said the committee does not include any shareholders or co-founders Nelson and Terence Loh. Both were invited to the virtual meeting during which the committee was formed. But they did not attend, said the law firm.

The Straits Times reported on Thursday that police had begun investigations into Novena Global Healthcare Group for allegedly using unauthorised signatures of EY on its financial statements.

Mr Terence Loh, 42 and Mr Nelson Loh, 40, were in the spotlight last month after their reported �280 million (S$490 million) takeover bid for English Premier League club Newcastle United.

Together with their Chinese business partner Evangeline Shen, 32, they co-founded Bellagraph Nova Group, which placed the bid for the football club.

Axington, a Catalist-listed company owned by the Lohs, also came under the spotlight. Ms Shen resigned from the board as did other directors while trading of the counter was suspended on Aug 31.

The four directors said yesterday that "Novena Global Healthcare Group is wholly unconnected and unrelated to the Bellagraph Nova Group or Axington, and any of the allegations made in relation to the conduct of Nelson and Terence Loh in the management of Bellagraph Nova or Axington".

However, they did not reply when asked to clarify the links between Novena Global Healthcare Group, Bellagraph Nova Group and Axington, given that various publicity materials had named the entities in conjunction with one another.

Joyce Lim

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

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