Camsing Healthcare’s revival plan at risk as potential investor faces disputes with partners

CAMSING Healthcare, suspended since 2019, is once again caught up in controversy.

A proposed investment, by an individual named Lin Qiren, into the owner of health supplements retailer Nature’s Farm has become part of a dispute between Lin and his business partners.

In December 2021, mainboard-listed Camsing announced it would take a loan of up to S$1.3 million from a company owned by Lin called Qiren Holdings.

It also intended to issue shares and options to Qiren Holdings for a total of S$4.3 million, with the loan counting towards the total sum due from Lin.

Another S$7 million in funds would come if Lin chose to exercise his options, and Lin would have ended up with 90 per cent of Camsing.

In March this year, a second loan agreement for nearly S$3 million was signed.

This was also to be set off against any consideration for future shares issued under the December investment agreement.

Filings with the Accounting and Corporate Regulatory Authority show Lin to be the sole shareholder of Qiren Holdings.

But according to documents seen by The Business Times (BT), various individuals now claim the money that went to Camsing did not come from him alone.

Lin is the sole shareholder of Qiren Organisation, which was previously an authorised agency group of AIA Singapore.

Qiren Organisation has since been terminated as the authorised agency group of AIA. Lin was also terminated as an authorised representative, the insurer confirmed in response to a query from BT.

According to the documents, two individuals, Jeremy Toh and Jason Ng, claim they had an arrangement with Lin for Qiren Organisation to be a partnership.

Toh and Ng agreed to reinvest their incomes from AIA in Qiren Organisation.

It was also understood that related companies and businesses would be set up as the organisation expanded, and that the three partners would be equal shareholders of such companies.

In March, Toh and Ng asked for their respective shares in Qiren Organisation and its related companies – including Qiren Holdings – to be transferred to them.

Separately, six individuals who claim to have also contributed to the investment in Camsing have issued letters of demand for their money to be returned.

Qiren Holdings had allegedly raised S$5 million from the individuals.

The individuals, who were all AIA district directors under Qiren Organisation, are also asking for investigations into how the funds raised were utilised.

In its financial statement for its first quarter ended Apr 30, Camsing said it had received S$1.9 million under the second loan agreement.

In response to queries from BT, Camsing said it was unable to comment further amid confidentiality obligations.

BT reached out to Lin for comments, but did not receive a response.