admin September 21, 2020

(Bloomberg) — Audit firm Ernst & Young LLP said it lodged a report with the Singapore police alleging that unauthorized signatures were made on some financial statements of Novena Global Healthcare Group.
EY said it wasn’t the auditor for the Cayman-incorporated company, but only for its Singapore unit — Novena Global Healthcare Pte — for the year ended 2017, according to an email to Bloomberg News. The Straits Times first reported the matter, and cited Terence Loh, one of the parent company’s co-owners, as denying wrongdoing. The paper could not reach his cousin Nelson Loh, the other owner.
The Lohs are also co-founders of Paris-based Bellagraph Nova Group, which has been under scrutiny for photoshopping marketing photos with former U.S. President Barack Obama. The firm initially came into the spotlight for bidding to buy the U.K.’s Newcastle United Football Club.
Obama Photos Fiasco Exposes Singapore Bidder of Football Club
Some investors from Singapore, Thailand and China in Novena Global’s related entities are in discussions to withdraw following concerns surrounding Bellagraph Nova.
The Singapore police confirmed a report was lodged and are looking into the matter, a spokesperson said in response to a Bloomberg query. Nelson Loh and spokespeople for Novena Global Lifecare and Bellagraph Nova did not immediately respond to emailed queries.
There are currently at least 24 entities linked to the duo, according to the Straits Times. Axington Inc., a tax-services firm listed in Singapore where the Lohs are controlling shareholders, has suspended trading since Aug. 25 after Singapore Exchange Ltd.’s regulatory arm recommended an investigation into the board. The third Bellagraph Nova Group founder, Evangeline Shen, was non-executive chairman at Axington before she resigned from the board last month.
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