Fri, Jul 10, 2020 - 7:02 PM TWO co-founders and shareholders of Catalist-listed International Healthway Corp (IHC), now known as OUE Lippo Healt
Fri, Jul 10, 2020 – 7:02 PM
TWO co-founders and shareholders of Catalist-listed International Healthway Corp (IHC), now known as OUE Lippo Healthcare, have engaged in conspiracy by unlawful means to cause the company injury, a Singapore High Court found on Friday.
Fan Kow Hin, who was IHC’s chief executive from May 2015 to January 2016, together with co-founder Andrew Aathar, had in 2015 negotiated a S$20 million standby credit facility from funds owned by Crest Capital Asia. The facility was secured on shares in three of IHC’s subsidiaries. Acting on instructions given by Mr Aathar, one of the Crest funds drew down on the facility to purchase IHC shares from the open market. The fund then held the shares on behalf of IHC.
On Sept 9, 2015, the Singapore Exchange (SGX) issued an announcement advising shareholders and potential investors to exercise caution when dealing in IHC shares as its review of the trades in IHC showed that more than 60 per cent of the total traded volume of IHC shares in the period since April 2015 to the date of the advisory appeared to be conducted by “a handful of individuals who seem to be connected to each…