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The Independent Singapore News
High Court grants bankruptcy order to Novena Globalâs Terence Loh
Mr Loh is in debt of around S$70 million to five banks. He now has 21 days to declare assets to the private trustee of his estate, an accounting firm BDO, who could sell the assets, including private property and vehicles, to pay his creditors back.
Facebook screengrab: Novena Global Lifecare
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Singapore â The bankruptcy hearing of Terence Loh, the co-founder of Novena Global Healthcare (NGH) on Thursday (July 8) resulted in the High Court granting the order.
Mr Loh is in debt of around S$70 million to five banks.
Hospitals here are increasing their capacity to make sure that patients requiring medical care will continue to be attended to, as Tan Tock Seng Hospital dials down its load. The Ministry of Health said that it has worked with the public and private hospitals here to manage their load and raise their capacity to care for patients.
WORLD
A Singaporean firm is suing the children of former Indonesian president Suharto, seeking millions in compensation as well as land in a case thought to have hastened the loss of one of the clan s prized businesses. But just weeks after the suit was lodged in March, the government seized control of the business, citing unpaid taxes.
This comes after the company notified the Singapore Exchange Securities Trading (SGX-ST) on April 1 of its cash company status according to Catalist listing rules, given that it does not currently have any “revenue-generating business”, according to an exchange filing on Tuesday.
SINGAPORE: Catalist-listed Axington, linked to the scandal-hit Loh cousins, is now a cash company and faces the risk of delisting if it does not acquire a new business within a year.
This comes after the company notified the Singapore Exchange Securities Trading (SGX-ST) on April 1 of its cash company status according to Catalist listing rules, given that it does not currently have any “revenue-generating business”, according to an exchange filing on Tuesday.