Acra commences enforcement actions against two companies related to Bellagraph Nova founders Nelson and Terence Loh

SINGAPORE — The Accounting and Corporate Regulatory Authority (Acra) has commenced enforcement actions against two companies related to Singaporean entrepreneurs Nelson and Terence Loh, less than a week after it was reported that the police are investigating a company linked to the pair.

In a statement on Friday (Sept 25), an Acra spokesperson said the enforcement action against Novena Global Healthcare and Novena Life Sciences, both of which are linked to the Lohs, are related to their obligations to hold an annual general meeting and file annual returns. 

Acra is also looking into other registered entities related to the Lohs for the same obligations.

The Straits Times had previously reported that Novena Global Healthcare and Novena Life Sciences had failed to file annual returns due on July 29, 2018 and Dec 9, 2019 respectively.

Breaching an obligation to hold an annual general meeting and to file annual returns carries a maximum fine of S$5,000 each upon conviction by the court, the Acra spokesperson added.

According to an AFP report on Sept 19, the police are investigating Novena Global Healthcare Group, after accounting firm Ernst & Young lodged a report over unauthorised signatures on the group's financial statements.

The Lohs, who are cousins, also head the Bellagraph Nova Group along with their Chinese business partner, Evangeline Shen.

When the Bellagraph Nova Group attempted to buy English Premier League club Newcastle United in August, reports about manipulated photos used in its marketing materials started to emerge.  

In one such doctored photo, former United States president Barack Obama is seen in a meeting with the group’s founders in Paris.