The Singapore High Court has granted DBS Bank’s application to wind up Novena Global Healthcare on Dec 11.
The group is reported to owe DBS $14 million.
See: Terence Loh resigns from Bellagraph Nova Group following alleged financial statement forgery at Novena Global Healthcare and Novena Global Healthcare co-founder Terence Loh says potential liquidation by DBS may not 'result in demise' of company
Following the decision, Novena Global’s co-founder Terence Loh says he will continue to work with RSM, the group's liquidators and special accountant.
Loh added that he “respects the court’s decision and will abide fully by the legal process”.
He added that several parties have expressed interest to acquire the group’s medical aesthetics subsidiary Novu Fasthetics, which operates under the trade name Novu Aesthetics.
Novu was formerly known as PPP Laser and was acquired and rebranded in 2016. It currently has six centres in Singapore.
“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,” says Loh.
“Having rebuilt the Novu business between 2016 and 2018, I am confident of the business model and the differentiating value it brings to the aesthetics marketplace. I hope customers and stakeholders exercise faith in Novu amid the legal and corporate issues. Novu’s management has remained resilient under Ms [Marjory] Loh’s leadership, and has continued to hire more doctors and therapists to service its customers,” he adds.
Marjory Loh is the executive director of Novu. She is also Terence’s sister.
“While some customers had earlier expressed concerns about NOVU’s ability to honour their packages, our staff have been patiently explaining to them that NOVU will continue to operate. We shall continue to actively hire more doctors and therapists to manage the volume of patients we are receiving, and we sincerely thank our patients for their continued support,” she says.
On his relationship with his cousin and former co-founder, Nelson Loh, Terence laments, “I have already announced a clear separation of all businesses interests with my cousin and former business partner, Mr Nelson Loh. I am deeply disappointed by his actions or lack of action that have resulted in the problems we face today. Nonetheless, as I have done before in 2016, I will roll up my sleeves to do my utmost for all stakeholders.”
