He faced a total of 60 charges, including over cheating, forgery and money laundering.
SINGAPORE – The co-founder of Novena Global Healthcare Group , who duped banks into disbursing over $69 million in loans to his company and a wine trading company he had influence over, was jailed for 15 years and nine months on Aug 16.
Loh was heavily involved in making decisions on NGHG’s finances, and admitted to CAD he was the “head of everything” there, said the DPP. Hoping to get loans to repay the investors, Loh instructed Wong to send numerous e-mails with forged audited financial statements of NGHG and Giron to banks to apply for loans.
DPP Ng said it is undisputed that the amount of losses incurred by the banks must serve as a key sentencing consideration, as the duo defrauded multiple banks in just three months in 2019. In mitigation, Loh’s defence lawyers Eugene Thuraisingam, Ng Yuan Siang and Chooi Jing Yen argued that their client did not commit his offences due to personal greed or self-interest, but because NGHG was facing financial difficulties, and his main motivation was to alleviate these difficulties.
Seeking not more than six to eight years’ jail for Wong, his defence lawyer Nakoorsha A.K. said his client was a mere accomplice, and not the mastermind.
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