Yet another twist in Singapore's Loh cousins saga

Singapore

THE saga involving Singapore's controversial cousins Terence and Nelson Loh, hit by a credibility fallout since their curious £280 million (S$494 milion) bid in August for Newcastle United football club, has taken a few more twists.

Marjory Loh, sister of Mr Terence Loh and executive director of Novu Aesthetics - a beauty practice with six outlets here - filed a police report this week, alleging that Novu's instagram (IG) account was hacked and its posts deleted, purportedly by Nereides Antonio Giamundo de Bourbon, The Business Times understands.

Mr Bourbon is the global marketing head of Bellagraph Nova Group (BN Group), a firm reportedly headquartered in Paris which emerged from a merger between Bellagraph Nova, an entity owned by Evangeline Shen, and the Lohs (Terence and Nelson) private vehicle Dorr Group.

BT understands that Ms Loh was alerted to the hacking by her staff just last month and has also alleged that her brother's IG account may have also been similarly hacked.

Mr Bourbon, believed to be a French national based in Paris, raised eyebrows in August after Reuters reported him admitting that some publicity photos of the Lohs and their business partner Ms Shen with former US president Barack Obama were photoshopped. This would eventually become one of a series of bizarre and lofty claims by the group, many of which were quashed.

Ms Loh has been running Novu since September this year, about the time Mr Nelson left Singapore as the scandal blew up amid a police probe into alleged forged accounts of Novena Global Healthcare Group (NGHG) and as investors came knocking to recover their monies.

She was also executive director of Axington, a Catalist-listed firm that the Lohs took over in July, another firm hard hit by the fallout whose shares have been suspended since August.

"Personally, I feel that Nelson Loh has let down the whole team. As a first cousin, the disappointment is even greater. The NOVU team is fully aware of the separation of business interests of Terence Loh (my brother) and Nelson Loh. Terence has rolled up his sleeves to restore business confidence, handle legal and corporate issues and assist with police investigations.

"Nelson Loh, who created this mess, is nowhere to be found," she told BT, breaking her silence for the first time.

One by one, the Lohs' businesses are coming undone amid the scandal that has also led the Lohs to part ways.

On Friday, the Singapore High Court granted the application by DBS Bank to shutter Novena Global Healthcare, a Singapore-incorporated firm founded by the duo which owes DBS some S$14 million, according to court documents.

Novena Global Healthcare carries out wholesale of cosmetics and toiletries and provides management consultancy services for healthcare firms. It is a subsidiary of NGHG, a Cayman-islands registered entity.

DBS moved to wind up the firm last month after the bank's demand for full payment in October was not met. RSM Corporate Advisory has been appointed as the liquidator. DBS is represented by Ng Yeow Khoon and Claudia Khoo from Shook Lin & Bok.

Ms Loh and Mr Terence Loh were quick to do damage control on Novu following the court order.

"While several resignations had taken place, the remaining core team (of Novu), from the clinics to the back office, have banded together. We continue to add therapists and staff as business has recovered in recent weeks with new launches and assurances to patients that the corporate and legal issues do not affect the day-to-day operations and Novu Aesthetics.

"Really, it is business as usual," she stressed.

Separately, Mr Terence Loh said that several parties have expressed interest to acquire Novu. "In fact, some have already begun conducting due diligence. I believe that through RSM, we are in good hands to conclude negotiations quickly to realise value and to protect Novu as a going concern," he added.

In a statement, RSM said the winding up order merely relates to Novena Global Healthcare and not other entities or subsidiaries, including Novu, which continues to be led by the present management team.