In Sep, the police started an investigation into a complaint filed by auditing firm Ernst & Young against Novena Global Healthcare Group (NGHG) for allegedly using the auditor’s unauthorised signatures on the company’s financial statements.
NGHG which is incorporated in Cayman Islands, was run by the 2 cousins, Terence Loh and Nelson Loh. The Lohs came under the spotlight when they were involved in the acquisition of the English professional football club Newcastle United through another firm earlier.
A spokeswoman for Ernst & Young said it was “never the auditors” of NGHG.
The police are not the only ones looking into matters related to the Lohs. In August, Singapore’s Accounting and Corporate Regulatory Authority (ACRA) told the media that it will take enforcement action after it was discovered that entities linked to the two had not filed annual returns.
Last month, Nelson Loh decided to transfer his shares in NGHG to his cousin Terence Loh. Nelson Loh has also resigned as director from the company. But as a director before his resignation date, he would still have fiduciary duty to the company before then.
Nelson Loh left Singapore
Yesterday (20 Nov), the media reported that Nelson Loh has left Singapore. This is according to what Terence Loh said in a statement.
He said, “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.”
In a letter to the shareholders of NGHG, Terence Loh also revealed that police investigations have included the flow of money from the loans, and the business activities of various entities of the company and related parties.
He also disclosed that after Nelson Loh left Singapore, he had called for the first of several meetings on 29 Sep, to discuss matters with several banks which have extended loans to NGHG. These banking relationships began only less than a year ago, he added.
According to media sources, Nelson Loh is said to be in China presently.
In response to media queries, the Singapore Police said that it is unable to confirm whether Nelson Loh has left the country, while the Immigration and Checkpoints Authority (ICA) said that it cannot discuss the details of individual cases due to confidentiality reasons.
Police investigations are still ongoing but Terence Loh has publicly maintained that he was not involved in the alleged forgery in any way.