New IHC directors lodge police report

Ousted International Healthway Corp (IHC) directors (from left) - Mr Jojo Alviedo, Mr Lim Thien Su Gerald and Ms Lim Beng Choo - at the extraordinary general meeting on Monday at Maxwell Chambers. Also present was Mr Yoong Nim Chor, IHC's legal advis
Ousted International Healthway Corp (IHC) directors (from left) - Mr Jojo Alviedo, Mr Lim Thien Su Gerald and Ms Lim Beng Choo - at the extraordinary general meeting on Monday at Maxwell Chambers. Also present was Mr Yoong Nim Chor, IHC's legal adviser (second from right).ST PHOTO: MARISSA LEE

Former executive director seen removing computer and documents from premises

The new directors of International Healthway Corp (IHC) lodged a police report against ousted executive director Angeleca Lim on Monday night, just hours after a fierce fight for control at the firm.

The newly installed board of the medical property developer said in a Singapore Exchange (SGX) filing that when its transition team visited IHC's premises at around 8.20pm that night, Ms Lim was seen leaving with her computer and some documents. "The company has lodged a police report on the aforesaid matter," it said.

A consultant has also been appointed to conduct an internal audit of the company's affairs, as well as to "protect, secure and preserve the company's records and financial information", the filing said.

The new board, comprising directors Roger Tan, Eric Sho and Jackson Tay, were put up for nomination by Mr Eric Low, who holds 7.11 per cent of IHC.

They were elected at a fiery extraordinary general meeting (EGM) on Monday, where Ms Lim and Mr Low clashed repeatedly.

Mr Low has been at the front of a shareholder revolt against IHC's old guard after its shares plunged last September - when the SGX found that a few individuals trading among themselves were behind most of IHC's total traded volume since April.

  • TOP SHAREHOLDERS

  • 1. Fan Kow Hin: 23.4% (as of January 2016)*

    2. Ching Chiat Kwong: 19.14%

    3. OUE: 12.54%

    4. Aathar Ah Kong Andrew: 8.73%

    5. Eric Low: 7.11%

    *Last year, Mr Fan disclosed a change in shareholding at another listed company months after the transaction took place.

    Note: Stated shareholdings include both direct and deemed interest.

A consultant has also been appointed to conduct an internal audit of International Healthway Corp's affairs, as well as to "protect, secure and preserve the company's records and financial information", said its newly installed board in a Singapore Exchange filing.

It is not clear what Mr Low, who is also the deputy chief of property developer Oxley, expects to uncover from an audit of IHC. He had said before that developments at the medical property developer were "worrying" but did not elaborate further.

Mr Low also clarified at Monday's EGM that although he and Oxley boss Ching Chiat Kwong, who holds a 19.14 per cent stake in IHC, were joining forces to replace the board, they are independent parties in IHC.

Separately, hotel group and developer OUE, which said on Monday that it had acquired a 12.54 per cent stake in IHC, declined to comment on why it made the acquisition.

But Mr Havard Chi, portfolio manager of Quarz Capital Management which has also recently bought IHC shares, said: "The Riadys who control OUE have substantial expertise in the healthcare and property sectors through their ownership of Siloam (one of the largest hospital groups in Indonesia), First Reit and Lippo Karawaci. They understand the value and the potential of IHC's assets."

IHC called for a trading halt yesterday morning, pending an announcement. If it is revealed that the total shareholding of co-founders Fan Kow Hin, Jong Hee Sen, Aathar Ah Kong Andrew and their immediate family members has fallen below 30 per cent, which is possible given OUE's purchase, IHC will be in breach of a covenant on its $100 million outstanding bonds, and could face a default situation.

A version of this article appeared in the print edition of The Straits Times on January 25, 2017, with the headline 'New IHC directors lodge police report'. Print Edition | Subscribe