SINGAPORE (Reuters) – Several administrators resigned Tuesday from a Singapore company related to the bidders of The Newcastle United football club, the most recent interruption of the candidacy organization since Reuters reported that Barack Obama’s manipulated photos were among the suspicious allegations he had made.
The resignations of consultancist Axington, owned by Singaporean cousins Terence and Nelson Loh, included its president, Chinese jeweler Evangeline Shen, to the documents filed on the stock exchange.
The Loh and Shen are the co-founders of the newly formed Bellagraph Nova Group (BN Group), which said last month that he is in complex conversations to buy Newcastle.He described himself as a “conglomerate” with a turnover of $12 billion last year..
The board’s departures are coupled with the resolution of the former U.S. ambassador to Singapore to leave the company, as its percentage value plummeted last week and came when the company announced its goal of making “strategic changes” to its “commercial direction.”
Reuters reported on August 22 that BN Group had admitted to tampering with photographs of former President Obama in marketing documents and had published other information about the organization or by mistake.
Singapore’s local media reported additional inconsistencies in statements made on the group’s website, press releases and social media posts, which the company said “appear to be the result of some people’s misplaced movements.”
Many of those press releases have since been removed, your social media accounts have been deactivated and a password is now required for the BN Group website.
In other recent developments, the Bulgari luxury jewelry logo has refuted the group’s claims about a business association, and Singapore’s Business Times reported that some regional investors were withdrawing their investments from other BN Group ENTITIES.
BN Group did not promptly respond to a request for comment and cited through the Straits Times newspaper that it appointed an independent legal adviser to investigate the publication of marketing fabrics and will not deal with any other media issues until investigations are completed.
The Singapore Stock Exchange’s regulatory arm last week called for an investigation into Axington’s administrators “taking into account recent developments” before the company postponed a shareholder meeting, saying it needed time to review its plans.
At that meeting, shareholders were required to vote on the transition of the medical and robotic business from Axington to NETX, a company that BN Group had strongly promoted as one of its entities.
Also among Tuesday’s 4 resignations, CEO Marjory Loh, sister of Terence Loh, who cited “the company’s recent intense public scrutiny” for her resignation, according to documents filed on the Singapore Stock Exchange.
A spokeswoman for Singapore’s corporate regulator ACRA also said it is taking compliance measures opposed to two other Lohs-linked corporations for failing to record annual reports.
(Report through John Geddie; Edited through Neil Fullick)
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