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

SINGAPORE – DBS Bank has 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 firm will be put into liquidation if the High Court grants the application next month.

Its parent Novena Global Healthcare Group, incorporated in the Cayman Islands by Singaporean cousins Terence, 42 and Nelson Loh, 40, are being investigated by the police for allegedly using unauthorised signatures of accounting firm Ernst & Young (EY) on its financial statements.

Police declined to comment as investigations are still ongoing.

A subsidiary, Novena Global Healthcare Pte Ltd, which was incorporated in 2016, had 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 on Thursday that the authority will be taking further enforcement action against Novena Global Healthcare and Novena Life Sciences which was also co-founded by the Loh cousins.

This could lead to the companies and/or their directors prosecuted in court.

Acra also found that six more entities owned by the Loh cousins had not filed annual returns. Enforcement actions against them are ongoing, the spokesman added.

The entities include Aesthetic Medical Partners and Rock Star Advisers.

The cousins made news in August this year for their £280 million (S$492 million) takeover bid for English Premier League club Newcastle United.

This bid was made under the Bellagraph Nova Group (BN Group), which they founded with Chinese entrepreneur Evangeline Shen, 32, in July.

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The cousins have since parted ways.

Last month, Mr Terence Loh issued a statement announcing a “separation agreement” entered into between the cousins and former business partners.

Mr Nelson Loh will transfer all the shares he owns in three corporate entities – Cayman Islands-registered 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. He will also resign as director of these three 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 a form of security interest usually taken by a lender or creditor – “chargee” – 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.

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