Loh faced a total of 60 charges, including over cheating, forgery and money laundering.
SINGAPORE - The co-founder of Novena Global Healthcare Group , who cheated banks into disbursing over $69 million in loans to his company, was jailed for 15 years and nine months on Aug 16.
His employee and secondary school friend, Wong Soon Yuh, also known as Michael Wong, 45, pleaded guilty to five charges, including over cheating and forgery offences, on Aug 16.They fled Singapore in September 2020 and warrants of arrest and Interpol red notices were issued against them. After more than two years on the run, both men were arrested by the Commercial Affairs Department in December 2022.Deputy Public Prosecutor Bryan Wong said that in 2017, Wong Soon Yuh joined NGHG as a business development officer and worked closely with Loh as an assistant to the board of directors.
Loh applied for bank loans and conspired with Wong Soon Yuh to forge a 30-page document on the financial statements for the 2018 financial year, to trick the banks into believing the document was created by Ernst & Young.As a result, they deceived Standard Chartered Bank into believing Ernst & Young had performed audits on NGHG, and induced the bank to disburse loans of around $15 million to the firm.
DPP Ng said Loh was the directing mind behind the offences while Wong Soon Yuh, even though he acted on Loh’s instructions, was a willing participant. DPP Ng replied it should not be considered noble of Loh to commit these offences to save his company.He added: “He was cementing his reputation as the chairman of a prestigious company that had investments around the world, before fleeing when he realised the house was coming down.”
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