Man Who Had Wanted to Buy Newcastle FC Declared Bankrupt

In Aug 2020, local entrepreneurs and cousins Nelson Loh and Terence Loh announced they were planning to buy Newcastle FC, a football club in the English Premier League.

You’d think they were filthy rich, but as more details emerged about the pair, we learned that the opposite was true.

ADVERTISEMENT

In fact, a couple of months ago, it was revealed that one of them – Terence Loh – was fighting off bankruptcy.

Now, it seems that he has lost that fight.

Man Who Had Wanted to Buy Newcastle FC Declared Bankrupt

Loh, co-founder of Novena Global Healthcare (NGH), was declared bankrupt on Thursday (8 July).

The 43-year-old has total outstanding debts of about S$70 million with five banks from personal guarantees for loans held by NGH.

The five banks are:

  • Maybank
  • Citibank
  • Standard Chartered Bank
  • DBS Bank
  • UOB Bank

He previously claimed he had a white knight who intended to seek refinancing for a S$24 million loan with DBS Bank, which would have absolved him of his loan and made it more financially viable to repay other creditors.

Want to advertise your business on our website, or on The Blue Cat’s video series? Click here!
Cat with computer

It was with this assurance that he tried to enter into a voluntary arrangement with his creditors to repay them.

But the white knight never showed up. 

His lawyer informed the court last month that his client would not be proceeding with the individual voluntary arrangement.

ADVERTISEMENT

After being postponed five times, his bankruptcy hearing was finally heard yesterday (8 July), and the bankruptcy order granted by the High Court was uncontested.

Last December, NGH was ordered by the High Court to wind up after failing to pay DBS an outstanding debt of more than S$14 million.

Read Also:  38-Year-Old Chinese Man Allegedly Had Sex with Over 1,600 Men While Pretending to Be a Woman, Secretly Filmed Encounters

Consequently, Mr Nelson Loh, who acted as a personal guarantor for the DBS loan, was declared bankrupt after he failed to pay DBS.

ADVERTISEMENT

Mr Nelson Loh’s whereabouts are now unknown.

Scandal After Scandal

If the Bellagraph Nova (BN) group – founded by the Loh cousins and Evangeline Shen –  hadn’t tried to purchase Newcastle FC, the Lohs’ offences may never have come to light.

Soon after, they hit the headlines last year, netizens discovered some rather sketchy behaviour.

ADVERTISEMENT

The first was when the BN group doctored photos of a meeting with Obama.

They also claimed they had enlisted the help of former Newcastle players to support its takeover bid, but this wasn’t the case.

At the time, BN’s website claimed that its headquarters was at the “renowned No. 10 Place Vendome in Paris, France”, a fancy place with many high-end boutiques.

However, Reuters reported that it couldn’t find any company of the same name at the address.

Then, the authorities got involved and poop was acquainted with the fan.

It began when professional services network Ernst and Young lodged a police report against Novena Global Healthcare Group over unauthorised signatures on the group’s financial statements.

The company claims it was falsely listed as auditors.

As a result, the police launched investigations against Novena Global Healthcare Group.

The scandals prompted the Loh cousins to legally separate all their business interests last October.

Mr Terence Loh then left the BN Group for the hefty price of S$1.

Then, banks started launching legal action against the Lohs after they failed to repay their loans.

Read Also:  Tourist Wakes Up Covered in Pus-Filled Boils After Cheap Thai Massage, Doctor Issues Warning

Now, that both Lohs have been declared bankrupt, I’m beginning to have doubts about their takeover of Newcastle.

Featured Image: Facebook (Novena Global Lifecare)

Would you be jailed for being half-naked in public? Well, the answer will shock you. Seriously. Watch this to the end and you'll understand: