Before 15 Aug, if someone asked you what “Bellagraph Nova” was, you’d probably guess it was the name Kim Kardashian gave her Persian cat.
But now, everyone knows it to be the incredibly sketchy company that intended to buy English Premier League (EPL) club Newcastle United.
Co-founded by cousins Nelson Loh and Terence Loh, and Evangeline Shen, a Chinese jewellery merchant, the group first announced their planned takeover of Newcastle on 15 Aug.
But since then, questions have been raised about the group’s legitimacy, after doctored photos, exaggerated claims, and other inconsistencies were discovered.
Then, in September, the police said they’re investigating Novena Global Healthcare Group – another entity owned by the Lohs – for allegedly using unauthorised signatures of accounting firm Ernst & Young (EY) on its financial statements.
Two months later, DBS Bank applied to the High Court to wind up Novena Global Healthcare Pte Ltd, which they believed owed the bank millions of dollars.
It seems like the troubles for the Loh cousins will never end, however, as one of them just took off to another country.
One of the Loh Cousins, Who Had Then Wanted to Buy Newcastle FC, Has Left S’pore
Nelson Loh has reportedly left the country even though his company is under police investigation, his cousin and former business partner Terence Loh said.
While neither the police nor the Immigration and Checkpoints Authority could confirm Nelson Loh’s departure, The Straits Times understands the 40-year-old is in China.
“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,” Terence Loh said in a statement on Friday (20 Nov).
DBS’ application to wind up their group will be heard on 11 Dec.
If the High Court agrees, the group faces possible liquidation.
In addition, the group might also be penalised by the Accounting and Corporate Regulatory Authority (Acra) for failing to file its annual returns, due on 29 June, 2018.
Yet another subsidiary belonging to the Loh cousins, Novena Life Sciences, is also facing enforcement action by Acra for failing to file its annual returns due on 4 Dec 2019.
In fact, ST discovered that six other business entities owned by the Lohs had not filed annual returns, including Aesthetic Medical Partners and Rock Star Advisors.
Legally Separated From Cousin
On 6 Oct, the Loh cousins entered a separation agreement, which legally separated their business interests.
As part of the agreement, Nelson Loh will transfer all the shares he owns in three of their corporate entities to his cousin Terence for $1.
These entities are Novena Global Healthcare Group and all its subsidiaries, Dorr Global Healthcare International, and Rock Star Advisors.
Nelson Loh will also resign as director of these three entities.
Conversely, Terence Loh agreed to transfer all the shares he owns in the now infamous Bellagraph Nova Group to Nelson Loh for $1.
He will also resign as its director.
Whether they’re found guilty of their crimes, one thing seems to be certain: they won’t be taking over Newcastle anytime soon.
Featured Image: charnsitr / Shutterstock.com