Scandal-hit Loh cousins seeking to offload Axington stake

WITH their backs against the wall amid rising scrutiny and now, a Singapore police probe following a complaint by one of the Big Four accounting firms, Singaporean duo Nelson and Terence Loh are looking to offload their recently-acquired stake in Catalist-listed Axington Inc, several sources said.

The Business Times understands that the Loh cousins have approached several parties in the past weeks to buy out their Axington stake, and there has been a sense of urgency in their efforts, given a looming outstanding debt of over S$20 million.

It is not clear what the specific purpose of the loan was, but one source said that it could have been provided by Singapore's DBS Bank. When contacted, DBS declined comment. The bank was the adviser for the Lohs' vehicle, Dorr Global Healthcare International, in the general offer for Axington which was completed in mid-July.