International Healthway Corp resists receivers' attempts to remove directors from its units

A freehold property at Little Ryrie Street in Melbourne, Australia bought by IHC in 2014.
A freehold property at Little Ryrie Street in Melbourne, Australia bought by IHC in 2014.PHOTO: IHC

SINGAPORE - Healthcare services provider International Healthway Corporation (IHC) said on Monday (Aug 8) in a filing to the Singapore Exchange that attempts by receivers to remove Dr Jong Hee Sen and Ms Lim Beng Choo from its units have been resisted.

Ms Lim, 46, was appointed an executive director of IHC in January 2016, while Dr Jong is IHC's chairman.

They are also directors of IHC's investment holding subsidiaries IHC Medical, IHC Management, and IHCM Australia.

Funds Enterprise Fund III, Value Monetization III and VMF3 had given loans to IHC and IHC Medical in 2015, and alleged they are owed debts - with the amount being disputed.

The funds appointed receivers over the share capital of those units, and told IHC on April 26.

On May 6, IHC said it applied to suspend the appointment of the receivers, and to stop them from selling, transferring or disposing any shares in the share capital of the three units.

IHC also said on Aug 5, the group received a summons to stop it from removing nominated directors or appointing new directors in the units, giving instructions to the trustee of IHC Healthcare Reit and to the trustee of Australia First Trust (Australia) and IHC Australia Second Trust (Australia).

IHC said on Monday that these will be resisted "vigorously", "as the validity of the appointment of the receivers is being disputed".

Shareholders were advised to exercise caution when trading in shares of the company.

rachaelb@sph.com.sg