SINGAPORE: A former director of Novena Global Healthcare Group ( NGHG ) was on Friday ( Aug 16 ) jailed for 15 years and nine months.
Nelson Loh Ne-Loon was found innocent of nine counts of fraud, fraud, and four for lying. The punishment also took into account 60 additional, comparable charges overall.
Loh was a member of a group of buyers looking to acquire English Premier League side Newcastle United in the 2020 season. A bargain not materialised.
Michael Wong Quickly Yuh, a former personnel of the medical company who worked closely with Loh, was found guilty of five counts of lying, according to the police, on Friday.  ,
He received an eight-year, six-month prison sentence.
The two Singaporeans, then both aged 45, left the country in earlier September 2020.  , They had travelled to China on a private charter journey, court records showed.  ,
But shortly after their departure, officers received a statement that petitions of accounting firm Ernst &, Young had been forged on some of NGHG’s financial statements.  ,
The men were detained in Shanghai in November 2022 and issued with permits of imprisonment and Interpol dark finds.  ,
According to Singapore officers, the pair returned in December 2022 with the assistance and cooperation of their Chinese counterparts.  , They have been in custody since their profit.
Between July and November 2018, Loh and Wong forged and submitted audited financial statements from NGHG, Giron, and a company of NGHG known as Novena Global Healthcare Pte Ltd .
The men then used those statements to obtain bank loans amounting to about S$ 68 million ( US$ 51.6 million ), the police said on Friday.
Court records showed that Loh and Wong improperly obtained money from six banks- Bank, Standard Chartered Bank, DBS, UOB, Citibank and HSBC.
The police claimed that the majority of the illegal money derived from these loan services were later transferred to local or foreign institutions.  ,
According to the police, US$ 630, 000 was used to finance a business deal involving Novena Global Healthcare Pte Ltd, which introduced illegal proceeds into the company’s offer network.
Up to four years in prison, a good, or both are possible penalties for each charge of forgery or conspiring to build.  ,
Engaging in a cheating conspiracy is punishable by a 10-year prison sentence and a good.
Those found guilty of money laundering may be jailed for up to 10 times, fined up to S$ 500, 000, or both.