A former employee of the healthcare group who worked closely with Loh – Michael Wong Soon Yuh – was found guilty of five charges, including cheating, the police said on Friday.
He was sentenced to eight years and six months’ jail.
The two Singaporeans, now both aged 45, left the country in early September 2020. They had travelled to China on a private charter flight, court documents showed.
But soon after their departure, police received a report that signatures of accounting firm Ernst & Young had been forged on some of NGHG’s financial statements.
Warrants of arrest and Interpol red notices were issued against the men, and they were detained in Shanghai in November 2022.
Singapore police said that the pair returned in December 2022 with the cooperation and help of their counterparts in China. They have been in remand since their return.
Loh and Wong had forged and submitted audited financial statements of NGHG, Giron and a subsidiary of NGHG known as Novena Global Healthcare Pte Ltd between July and November 2019.
The men then used those statements to obtain bank loans amounting to about S$68 million (US$51.6 million), the police said on Friday.
Court documents showed that Loh and Wong fraudulently obtained loans from six banks – Maybank, Standard Chartered Bank, DBS, UOB, Citibank and HSBC.
“The majority of the illicit proceeds derived from these loan facilities were subsequently transferred to local or overseas entities,” said the police.
About US$630,000 was used to finance a trade transaction of Novena Global Healthcare, which introduced illicit proceeds into the supply chain of the company, the police added.
Each charge of forgery or engaging in a conspiracy to forge carries a punishment of up to four years’ jail, a fine, or both.
Engaging in a conspiracy to cheat is punishable with a jail term of up to 10 years and a fine.
Those found guilty of money laundering can be jailed for up to 10 years, fined up to S$500,000, or both.