Terence Loh and Nelson Loh, who jointly own shares and directorships in four entities, including Novena Global Healthcare Group, announced that they have entered into an agreement to legally separate all their business interests.
The announcement was made a day after Terence said that he has resigned from the Bellagraph Nova Group.
See: Terence Loh resigns from Bellagraph Nova Group following alleged financial statement forgery at Novena Global Healthcare
Under the agreement, which was signed on Oct 6, Terence will transfer all his shares in Bellagraph Nova Pte Ltd to Nelson for $1. He will then resign as director thereafter.
In turn, Nelson will transfer all the shares he owns in Dorr Global Healthcare, Rock Star Advisors and Novena Global Healthcare Group to Terence for $1. He will also resign as director of the abovementioned entities.
In an Oct 7 statement, the cousins said that they have agreed to complete the share transfers and resignations of directorships by Nov 5, 2020.
Both parties will entire into a written agreement if an extension is required.
The agreement also indicated that the Loh cousins are looking for a clean cut, as if they discover that they are joint shareholders or directors of other companies other than the entities cited, they will do “all that is necessary to effect a termination”.
The agreement also cites Nelson’s acknowledgement that Terence was not involved in any business decisions pertaining to the Bellagraph Nova Group.
“Nelson acknowledges and agrees that although Terence is a director of BNG (SG), his views and approval as a director of BNG (SG) were not sought prior to Evangeline Shen commenting to the media that the Bellagraph Nova Group was still pursuing a takeover bid in relation to Newcastle United Football Club,” stated the agreement.
The Bellagraph Nova Group was in the news recently for attempting to bid for a takeover of Newcastle United Football Club.
The Group found itself in subsequent media scrutiny when it admitted to Reuters that it had doctored photos of former US President Barack Obama to show as if he had met its founders in a meeting in Paris, France.
On Sept 18, The Straits Times reported that accountancy firm Ernst & Young (EY) filed a police report on Novena Global Healthcare Group for allegedly forging financial statements.
See also: EY files police report on Dorr Group-owned Novena Global Healthcare Group
On Oct 2, one of the Bellagraph Nova Group’s co-founders, Evangeline Shen, told the BBC that the group is still proceeding with its bid for Newcastle United.
“This is a mutually agreed and legally binding document which clearly separates the business interests that Nelson and I have been involved in since 2008. We have gone through many challenges together and the time has come now for each of us to chart our separate careers and pursuits,” says Terence, on the agreement.
He also reiterated that he was not involved in the alleged forgery of the accounts of Novena Global Healthcare, and that the agreement provides “clarity” for him to “resolve legal and corporate issues of the businesses transferred [to him]”.
“I do not wish to comment on the press release issued earlier today by the Bellagraph Nova Group. My focus is to do my best to preserve and enhance value for stakeholders in the corporate entities for which I am a director. The role that others have played in the current difficulties will become, in due course, clear,” he added.
See also: Axington shares drop 20% following admission of doctored Obama photos by company in Newcastle United takeover bid and Axington chairman Shen and three other directors quit, citing 'public scrutiny' and 'health reasons'
