Ex-U.S. ambassador quits Singapore firm linked to
Newcastle United bidders
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[August 26, 2020] SINGAPORE
(Reuters) - The former U.S. ambassador to Singapore said he had resigned
from the board of a firm in the city-state linked to a group bidding for
English soccer club Newcastle United citing "recent revelations" about
the group.
Kirk Wagar said he had quit the board of Axington <AXIN.SI>, a firm
listed on the Singapore stock exchange's junior bourse. Singaporean
businessmen and cousins Terence Loh and Nelson Loh are controlling
shareholders in the firm and the chairman is Chinese jewellery merchant
Evangeline Shen.
The Lohs and Shen are the sole shareholders and directors of newly
founded Bellagraph Nova Group (BN Group), which has described itself as
a "conglomerate" with turnover last year of $12 billion that is in
advanced talks to buy Newcastle.
Reuters reported on Saturday that the Singapore-registered BN Group had
admitted to doctoring photos of former U.S. President Barack Obama in
marketing materials.
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BN Group also said some of the information in those materials was
released prematurely or contained errors after Reuters found
inconsistencies when speaking to firms and persons BN Group says it is
involved with.
Its surprise announcement of a Newcastle bid adds to years of
speculation over the future of the club, which has been the subject of
several fruitless takeover bids, including a $390 million Saudi-backed
deal that collapsed earlier this month.
"ERRANT INDIVIDUALS"
Singapore's main Straits Times newspaper on Wednesday reported BN Group
had said the posting of some of its marketing materials "appears to be
the result of the actions of certain errant individuals, possibly with
malicious intent."
BN Group did not respond to a request for comment from Reuters.
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![](../images/082620PIX/busine33.jpg)
A photo on the website
of Bellagraph Nova Group, showing owners Terence (R) and Nelson (L)
Loh and Evangeline Shen sitting next to former U.S. President Barack
Obama, is pictured on screen, in Singapore August 19, 2020.
REUTERS/Ng Yi Shu
![](http://archives.lincolndailynews.com/2020/Aug/26/images/ads/current/ldn_lda_SCAVANGER_promo_2020.png)
Axington, whose shares have fallen around 15% this week and were put on trading
halt on Wednesday pending an announcement, did not respond to a request for
comment.
Axington has said in filings with the Singapore Exchange that it plans to change
its name to NETX, the name of a robotics firm BN Group has said is part of its
conglomerate.
Wagar, who was Singapore ambassador from 2013 to 2017, said he had been asked to
join the board of Axington in June by the Lohs. Filings by the firm said he
joined the board in July.
"Due to the recent revelations, I have resigned that position and asked for
Axington to advise SGX (Singapore Exchange) and any other relevant parties of
that fact," Wagar said in response to an emailed request for comment.
The Straits Times quoted BN Group as saying it will appoint independent legal
counsel to investigate the posting of the marketing material and will not
address any further media queries until investigations are completed.
Various statements attributed to BN Group and published via press release
distributor PR Newswire over the last two months have recently been deleted. A
password is now required to view BN Group's website.
(Reporting by John Geddie; Editing by Neil Fullick)
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