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Novena Global Healthcare co-founder Terence Loh says potential liquidation by DBS may not 'result in demise' of company

Felicia Tan
Felicia Tan11/20/2020 02:44 PM GMT+08  • 2 min read
Novena Global Healthcare co-founder Terence Loh says potential liquidation by DBS may not 'result in demise' of company
In his statement, he added that he feels ‘deeply betrayed by Nelson’ who has left Singapore.
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Novena Global Healthcare co-founder Terence Loh has issued a statement on Nov 20, hours after news reports revealed that DBS Bank has applied to the High Court to wind up the company.

Novena Global Healthcare is reported to have owed the bank millions of dollars.

The firm will be put under liquidation if the application is successful.

Following the news, Loh says he has been assisting RSM, which was recently appointed by the supervisory committee of Novena Global to act as its special account.

See also: Loh cousins to legally separate all their business interests

The appointment was made at the behest of the five lender banks of Novena Global, DBS Bank included.

“I understand DBS Bank is seeking that insolvency professionals from RSM be appointed as joint and several liquidators of the Singapore subsidiary of NGHG. I view the appointment of RSM by DBS Bank as being in furtherance of RSM’s appointment as Special Accountant,” he says.

He adds that a potential liquidation of Novena Global may not “necessarily result in the demise” of the firm, and that he will continue to engage with RSM until any liquidation occurs and that he will work with the liquidators to recover any value.

In the same statement, Loh, who has been assisting RSM in uncovering the full list of financial transactions, documentation and shareholding of Novena Global Healthcare, is also hoping to “facilitate and expedite corporate recovery of [the firm’s] key businesses to salvage value” for all stakeholders.

“To my understanding, RSM has engaged with potential investors, some of whom are currently conducting due diligence on NGHG,” he says. “Having rebuilt and managed significant businesses of NGHG in earlier years, I hope to add value at this critical hour.”

Loh, on Oct 7, resigned from the controversy-hit entity Bellagraph Nova Group, who was in the news for trying to bid for English football club Newcastle United earlier this year.

The group subsequently admitted that it had edited photos of former US President Barack Obama to look as if he had met the trio in Paris.

Referring to the allegations of forgery of audited accounts and other discrepancies which came to light recently at the company, Loh says: “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.”

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