Nelson Loh has left S’pore amid enterprise troubles, police probe into Novena International Healthcare Group: Terence Loh

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

SINGAPORE – Mr Nelson Loh, 40, co-founder of Novena International Healthcare Group, which is beneath police probe, has left Singapore, mentioned his cousin and former enterprise companion, Mr Terence Loh.

Mr Terence Loh, 43, mentioned in a press release on Friday (Nov 20) in response to the appliance by DBS Financial institution to wind up subsidiary Novena International Healthcare Pte Ltd: “Maybe greater than anybody else, I really feel deeply betrayed by Nelson, who has left Singapore and seems to don’t have any intention to kind out this horrible mess we’re left with.”

When requested, he didn’t elaborate on his cousin’s whereabouts. 

The Singapore Police advised The Straits Instances that it’s unable to substantiate the knowledge that Mr Nelson Loh will not be in the nation, whereas the Immigration and Checkpoints Authority mentioned that it can not focus on the small print of particular person circumstances on account of confidentiality causes.

The Singapore subsidiary of the Cayman Islands-incorporated group faces attainable liquidation subsequent month if the Excessive Courtroom offers the nod for the winding-up.

Nevertheless, Mr Terence Loh mentioned that he “firmly believes” the potential liquidation of the Singapore subsidiary, which operates six aesthetic clinics in Singapore, “could not essentially end result within the demise” of the guardian firm.

Auditing consultancy RSM has been appointed by the supervisory committee of Novena International Healthcare Group to behave as its particular accountant, the assertion mentioned.

Mr Terence Loh mentioned: “I’ll proceed to have interaction with RSM till any liquidation happens and can help any appointed liquidators to get well worth.”

On Tuesday, DBS had utilized to the Excessive Courtroom to wind up Novena International Healthcare Pte Ltd, which is believed to have owed the financial institution hundreds of thousands of {dollars}.

The applying might be heard in courtroom on Dec 11.

The corporate included in 2016 has additionally not filed its annual returns which was due on June 29, 2018.

An Accounting and Company Regulatory Authority (Acra) spokesman advised The Straits Instances that the authority might be taking additional enforcement motion.

This might result in the corporate and/or its administrators prosecuted in courtroom.

One other subsidiary, Novena Life Sciences, additionally co-founded by Terence and Nelson Loh, can also be going through additional enforcement motion by Acra for failing to file its annual returns due on Dec 4, 2019.

On Wednesday, Acra confirmed with ST that six extra entities owned by the Loh cousins had not filed annual returns. Enforcement actions in opposition to them are ongoing, the spokesman mentioned.

The entities embrace Aesthetic Medical Companions and Rock Star Advisors.

An Acra search confirmed Citibank had put fees on two different entities included by the Loh cousins – Novena Aptus and Novena Novaptus – earlier this 12 months.

Citibank declined remark.

In September, 4 administrators of Novena International Healthcare Group arrange a committee to analyze its audited accounts after accounting agency Ernst & Younger (EY) made a police report that its signatures have been allegedly solid on the monetary statements of the group.

Police investigations are nonetheless ongoing.

Mr Terence Loh had since legally separated his enterprise pursuits from his cousin.

Underneath the separation settlement entered on Oct 6, Mr Nelson Loh will switch all of the shares he owns in three company entities – Novena International Healthcare Group and all its subsidiaries, Singapore-registered Dorr International Healthcare Worldwide and Singapore-registered Rock Star Advisors – to Mr Terence Loh for $1. Mr Nelson Loh may also resign as director of those three entities.

Mr Terence Loh will switch all of 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 confirmed Mr Terence Loh has ceased to be a director of Bellagraph Nova on Nov 10. The corporate was included in July between the cousins and Chinese language entrepreneur Evangeline Shen, 32.

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