IHC ex group CEO charged for failing to submit statement to bankruptcy trustees

THE former group chief executive officer of International Healthway Corp (now known as OUE Lippo Healthcare), Fan Kow Hin, has been charged for failing to submit his statement of affairs to the trustees of his bankruptcy estate.

Fan, a bankrupt since March 2017, was required to file his statement of affairs that would disclose his assets and liabilities by Dec 24 last year, a deadline extended by the trustees of his bankruptcy estate.

However, he allegedly failed to comply with the requirement and now faces a charge under the Bankruptcy Act for which he is liable to a maximum fine of S$10,000, an imprisonment term not exceeding two years or both.

According to the law, a bankrupt must submit the statement of affairs within 21 days from the date of the bankruptcy order, as well as provide documents to support his declaration of assets, income and expenses.

Fan's case will be mentioned in court on Oct 11.

The 65-year-old applied in 2017 to make himself a bankrupt on grounds of business failure.

The trustees of Fan's bankruptcy estate have taken out a lawsuit against One Organisation and two others to seek the avoidance of transactions allegedly at an undervalue and unfair preferences in a bid to claw back claims. Judgment for the lawsuit is pending.

Fan was previously the group CEO and a co-founder of the Catalist-listed International Healthway Corp from May 2015 to January 2016, and the executive chairman of Healthway Medical Corp prior to that.