Subsequently, IHC defaulted on the S$20 million facility. The Crest funds appointed receivers over the charged shares in three IHC subsidiaries on April 15, 2016, pursuant to the security agreement. This spooked IHC's bank lenders in Australia, who then appointed receivers to sell three of its properties in Australia. IHC was also forced to deconsolidate these subsidiaries after losing control of them.
Now, more than three years later, the court has found that the Crest entities and Mr Aathar"dishonestly assisted Fan Kow Hin’s breaches of fiduciary duties to the company". Mr Fan, together with Lim Beng Choo, who succeeded him as IHC's executive director before shareholders voted her out in January 2017, were also found to have breached their duties owed to the company, OUE Lippo Healthcare announced late on Friday night.
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