One of the founders, Nelson Loh, has reportedly left Singapore.
The High Court of Singapore has granted the DBS application to wind up Novena Global Healthcare Pte Ltd (NGHPL).
A scandal hit NGHPL when accounting firm Ernst & Young filed a police report saying that there were allegedly forged signatures in several financial statements of the company.
The group may also face enforcement actions from the Accounting and Corporate Regulatory Authority (Acra) after it discovered several entities linked to the company failed to file annual returns.
Several reports also said that one of the co-founders of NGPL, Nelson Loh, left Singapore.
His cousin and co-founder, Terrence Loh, said in a statement that the company respects the court’s decision and will abide by the legal process.
“As co-founder of the Novena Group, I have been and continue to work closely with RSM, the liquidators and Special Accountant of NGHPL in my capacity as co-founder and director,” Loh said.
Meanwhile, a subsidiary of NGPL, medical aesthetics chain Novu Fasthetics Pte Ltd (NOVU), said that its day-to-day operations remain unaffected by the wind up order against its parent company.
“Notwithstanding the corporate and legal issues facing our parent company, it is business as usual at all our six outlets in Singapore,” NOVU Executive Director Marjory Loh said, adding that NOVU would honour packages to its customers.
She also revealed that several parties expressed interest in acquiring part or all of NOVU’s businesses.
Formerly known as PPP Laser, NOVU was rebranded in 2016. NOVU also operates its aesthetics centres under the Novu Aesthetics trade name.
Do you know more about this story? Contact us anonymously through this link.