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International Healthway co-founders 'conspired' to injure company: High Court

Published Fri, Jul 10, 2020 · 09:50 PM

Singapore

TWO co-founders and shareholders of Catalist-listed International Healthway Corp (IHC), now known as OUE Lippo Healthcare, had engaged in conspiracy by unlawful means to cause the company injury, a Singapore High Court found on Thursday.

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…

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