17-8-2024 (SINGAPORE) A Singapore court has handed down a hefty prison sentence to Nelson Loh Ne-Loon, a former director of Novena Global Healthcare Group (NGHG), in a case that has sent shockwaves through the city-state’s business community. Loh, once part of a consortium bidding to acquire Newcastle United Football Club, was sentenced to 15 years and nine months behind bars on Friday for his role in a sophisticated fraud scheme.
The 45-year-old businessman was found guilty on nine charges, including four counts of cheating, three of money laundering, and two of forgery. An additional 60 similar charges were taken into consideration during sentencing, underscoring the scale of the criminal enterprise.
In a related judgment, Michael Wong Soon Yuh, a former NGHG employee who worked closely with Loh, received an eight-year and six-month prison term after being convicted on five charges, including cheating.
The case came to light in September 2020 when both men fled Singapore for China on a private charter flight. Their hasty departure raised suspicions, and shortly after, local authorities received reports of forged Ernst & Young signatures on NGHG’s financial statements. This discovery triggered an international manhunt, with Interpol red notices issued for their arrest.
After more than two years on the run, Loh and Wong were apprehended in Shanghai in November 2022. Their return to Singapore the following month was facilitated through cooperation between Chinese and Singaporean law enforcement agencies.
The court heard how the duo had systematically forged and submitted falsified audited financial statements for NGHG, its subsidiary Novena Global Healthcare Pte Ltd, and another entity called Giron between July and November 2019. These fraudulent documents were then used to secure bank loans totalling approximately S$68 million (US$51.6 million) from six major banks operating in Singapore, including Maybank, Standard Chartered Bank, DBS, UOB, Citibank, and HSBC.
Investigators revealed that the majority of the illicitly obtained funds were swiftly transferred to various local and overseas entities. In one instance, about US$630,000 was used to finance a trade transaction for Novena Global Healthcare Pte Ltd, effectively laundering the money through the company’s supply chain.
The severity of the sentences reflects the gravity of the offences under Singaporean law. Forgery and conspiracy to forge can result in up to four years’ imprisonment, while conspiracy to cheat carries a maximum sentence of 10 years. Money laundering offences are punishable by up to 10 years in jail and fines of up to S$500,000.
