SINGAPORE — Over two short years ago, cousins Terence and Nelson Loh were high-profile businessmen who were serious contenders for buying the English Premier League football club Newcastle United.
The high-flying Lohs, founders of Novena Global Healthcare Group (NGHG) had also published doctored photos of themselves with former US President Barack Obama in some marketing materials, for which they later apologized.
However, shortly after their bid to buy the EPL league club, the cousins made the headlines because of their financial woes. The following year, the High Court granted a bankruptcy order to Terence Loh, who was in debt of around S$70 million to five banks.
But Nelson Loh, who had also been declared bankrupt in early 2021, had been on the run in China since 2020. This ended last Saturday (Dec 24) after he was caught and flown back to Singapore, where he was arrested on the same day with his employee Wong Soon Yuh.
The Singapore Police Force said in a statement that the two men were charged in court on Monday (Dec 26) with two counts of forgery.
In 2019, they had reportedly forged audited financial statements of NGHG, using these statements to obtain bank loans that totalled S$18 million.
They left Singapore in September 2020. A few days after their departure, the police were told in a report that signatures purportedly from accounting firm Ernst & Young were said to have been forged on several financial statements of NGHG.
After this, Interpol Red Notices and arrest warrants were issued against Nelson Loh and Wong.
“The police will do whatever is necessary and legally permissible to detain and repatriate individuals hiding overseas, to face justice in Singapore,” said SPF Commercial Affairs Department director David Chew, thanking the Chinese Ministry of Public Security for its help “in bringing these two individuals back to Singapore”.
If they are found guilty, they can be jailed for up to ten years and fined. /TISG
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