IHC resists receivers' attempts

Healthcare services provider International Healthway Corporation (IHC) yesterday said it has resisted attempts by receivers to remove Dr Jong Hee Sen and Ms Lim Beng Choo from its units.

IHC is challenging the validity of the receivers' appointment.

The units are IHC's investment holding subsidiaries IHC Medical, IHC Management, and IHCM Australia, of which Ms Lim and Dr Jong are directors.

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

In a filing to the Singapore Exchange, the group also said it got a summons in relation to an injunction to stop IHC removing nominated directors or appointing new directors in the units.

The summons was also made to stop IHC from 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 these will be resisted "vigorously", "as the validity of the appointment of the receivers is being disputed".

The summons came from lawyers of funds Enterprise Fund III, Value Monetisation III and VMF3, and their managers.

The funds had given loans to IHC and IHC Medical last year. It is 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 3, IHC said it "disputes the legitimacy of the appointment of the receivers".

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.

Winding-up petitions were also filed by IHC against IHC Medical and IHC Management.

The firm yesterday said affidavits to object to these liquidations have been filed, and the liquidation applications are due to be heard on Oct 31.

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

A version of this article appeared in the print edition of The Straits Times on August 09, 2016, with the headline 'IHC resists receivers' attempts'. Print Edition | Subscribe