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Nelson Loh Ne-Loon, a prominent Singaporean businessman and co-founder of Novena Global Healthcare Group (NGHG), has been sentenced to 15 years and nine months in prison for his role in a large-scale loan fraud scheme. Loh, 45, was found guilty of multiple charges, including cheating, money laundering, and forgery. His sentencing on August 16, 2024, follows a high-profile case that captivated the public in 2020 when Loh was part of a failed bid to purchase English Premier League club Newcastle United.
Loh was convicted of duping banks into disbursing over $69 million in loans to NGHG by forging financial documents. He admitted to nine charges, including four counts of cheating, three of money laundering, and two of forgery. He faced a total of 60 charges, reflecting the extensive nature of his criminal activities.
The court heard that Loh, heavily involved in NGHG’s financial decisions, conspired with Wong Soon Yuh, a former business development officer at NGHG. Wong, 45, was sentenced to eight years and six months in prison for his role in the scheme. Both men fled Singapore in September 2020, leading to international arrest warrants and Interpol red notices. They were apprehended in December 2022 after more than two years on the run.
The fraudulent scheme involved the creation of a forged 30-page document that misrepresented NGHG’s financial health. This document, purportedly audited by Ernst & Young, was sent to multiple banks to secure loans under false pretenses. As a result, Standard Chartered Bank, DBS Bank, and UOB were deceived into disbursing loans amounting to approximately $15 million, $14.9 million, and $12.4 million, respectively.
Deputy Public Prosecutor Bryan Wong emphasized that Loh was the primary architect behind the fraud, while Wong was a willing accomplice. The prosecution sought a prison term of 16 to 18 years for Loh, highlighting the substantial losses and the impact on the financial institutions involved. In contrast, Wong’s defense argued for a lesser sentence, noting that he had no previous business experience and was primarily following Loh’s instructions.
In mitigation, Loh’s defense lawyer Eugene Thuraisingam argued that Loh’s actions, though illegal, were driven by a desire to address NGHG’s financial troubles rather than personal greed. Nonetheless, the prosecution dismissed this argument, stating that Loh’s actions were aimed at preserving his reputation and maintaining control over the failing business.
The case underscores the severe consequences of financial fraud and the importance of integrity in business operations. Loh and Wong’s convictions serve as a stark reminder of the legal and ethical obligations faced by individuals in positions of financial responsibility.