Nelson Loh, co-founder of the Bellagraph Nova – spotlighted for a series of false claims including doctored photos with ex-U.S. President Barack Obama – has been judicially declared bankrupt after DBS commenced proceedings against him over outstanding debt.
Nelson Loh was adjudged a bankrupt, according to a «Business Times» report citing Singapore High Court documents, over S$14.2 million ($10.7 million) of outstanding debt owed to DBS.
Loh also owes another S$2.7 million to Citi, which led a notice that supported DBS’s bankruptcy application.
Loh was named as a guarantor for two loan facilities including a S$9 million term loan facility provided in January last year to Novena Global Healthcare Pte Ltd and a S$5 million temporary bridging loan facility provided to Novena Global Healthcare last April.
Where is Loh?
Loh's whereabouts remain unknown and his older cousin Terence Loh and fellow Bellagraph Nova co-founder recently said in a statement that he is believed to have left Singapore.
«Perhaps more than anyone else, I feel deeply betrayed by [Nelson Loh], who has left Singapore and appears to have no intention to sort out this terrible mess we are left with,» said the elder Loh who has also lodged a police report alleging improper transfers of over S$5 million by the missing Loh.
While local police did not confirm that matter and immigration authorities refused to discuss individual cases over confidentiality reasons, a «Strait Times» report in November last year claimed that Loh was actually in China, citing unnamed sources.
Terence Loh
Meanwhile, the younger Loh, who is assisting police investigations, is also believed to facing bankruptcy proceedings from Maybank Singapore, but a source claims that the matter has been adjourned.
Citi has in this case also led a notice supporting the application and the American lender is also owed another $2.7 million.
