FILE PHOTO: Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. REUTERS/Edgar Su
July 6, 2021
By Chen Lin and Aradhana Aravindan
SINGAPORE (Reuters) – A Singapore court has tightened bail conditions for a businessman accused of involvement in a bogus, billion-dollar nickel trading scheme after the prosecution said plans were afoot to help him flee the country.
Ng Yu Zhi, a former managing director of trading companies Envy Global Trading (EGT) and an inactive firm, Envy Asset Management, has been implicated by authorities in a fraudulent scheme that raised at least S$1.5 billion ($1.12 billion) from investors.
The prosecution said police had uncovered a plot involving at least three people to help Ng escape the city-state by land or sea, although the investigations did not show the extent of Ng’s involvement.
Ng’s bail was increased to S$4 million from the previous S$1.5 million, according to court proceedings on Monday. Ng’s lawyer did not immediately respond to a request for comment.
Ng, 34, who was removed as managing director of EGT, faces 31 charges related to scheme, about which he has made no public comment.
KPMG, the court-appointed interim judicial managers for Ng’s companies, estimate his monthly personal expenditure was about S$2 million, including on private jet travel, nightclubs, alcohol, luxury cars and gifts for close associates.
KPMG’s July 2 report distributed to investors estimated net outflows of about S$475 million to Ng from his Envy Group of companies.
That compared with net inflows of S$841.5 million from investors, some of which was used to pay employees, referral fees and other expenses, according to KPMG.
($1 = 1.3431 Singapore dollars)
(Reporting by Chen Lin, Aradhana Aravindan in Singapore and Mai Nguyen in Hanoi; Editing by Martin Petty)