Liquidators score victory to recoup over $900m from alleged scammer Ng Yu Zhi's associates
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SINGAPORE — The liquidators for three companies of Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, scored a legal victory on July 29 to recover more than $900 million from nine former direcLiquidators score victory to recoup over $900m from alleged scammer Ng Yu Zhi's associates
SINGAPORE — The liquidators for three companies of Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, scored a legal victory on July 29 to recover more than $900 million from nine former directors and employees for their role in Singapore's biggest Ponzi scheme.In 2021, the liquidators of Envy Asset Management (EAM), Envy Global Trading (EGT) and Envy Management Holdings (EMH) sued Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng.Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million (S$357 million) and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors. Read more
