Billion-dollar nickel-trading fraud: Ng Yu Zhi goes to trial on 42 charges

Businessman Ng Yu Zhi, who is accused of perpetrating a billion-dollar fraudulent nickel investment scheme through his companies Envy Asset Management and Envy Global Trading, went on trial in the High Court on Nov 26.

The 37-year-old is alleged to have deceived investors, who include lawyers and financiers, into putting in a total of $1.46 billion to finance the trading of physical nickel, when such deals never took place.

The investors were purportedly promised returns of about 15 per cent over three months.

Ng was first charged in March 2021 with two counts each of fraudulent trading and cheating. New charges continued to be filed against him, up until February 2024.

He currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam.

The three other charges relate to his attempts in 2023 to sell a Bussorah Street shophouse, which he had allegedly bought with criminal proceeds.

These charges have not been transferred to the High Court.

On Nov 26, Deputy Public Prosecutor Gordon Oh told the High Court that the prosecution will be proceeding against Ng on 42 out of the 105 charges related to the nickel trading scheme.

The charges are 10 counts of cheating, 15 counts of forgery, one count of criminal breach of trust as a director, 14 counts of money laundering, and two counts of fraudulent trading.

Ng, sporting a topknot hairstyle, listened intently as a court officer took an hour to read all 42 charges to him.

One of the proceeded charges relates to venture capitalist Finian Tan.

Ng is accused of cheating Mr Tan, on no fewer than three occasions, into delivering US$19.2 million (S$25.6 million) to Envy Global Trading between October 2020 and January 2021.

Ng was first remanded on Jan 19, 2023, after his bail was increased from $4 million to $6 million, and he was not able to immediately secure the additional funds.

He was released after he subsequently raised the additional amount.

Bail was later revoked after he allegedly committed fresh offences, stemming from the attempted sale of the shophouse, while he was on bail.

Court records show that he has been remanded since Jan 31, 2024.

Ng was first represented by lawyers from Davinder Singh Chambers, and then from Dentons Rodyk & Davidson.

He is currently represented by four lawyers, Mr Hassan Almenoar, Ms Diana Foo, Mr Nichol Yeo and Mr Nicholas Narayanan, who are all from different law firms.

Ng was declared bankrupt on Dec 22, 2022, after he and three others were sued by the liquidators of the Envy companies.

Four prosecution witnesses are expected to take the stand during the first tranche of the trial, which has been scheduled to be held till Nov 29.

More than 50 days have been set aside for the trial, which is set to resume in February 2025.

On Nov 26, the defence tried to compel the prosecution to proceed on all the charges instead of standing down the remaining 66 charges.

Mr Almenoar argued that if Ng was acquitted of the 42 charges, it would not be fair for the prosecution to then proceed against him on the remaining charges.

His application was rejected by Judicial Commissioner Christopher Tan, who noted that standing down charges in a criminal trial is a long-entrenched practice.

He added that the defence has not provided any legal authorities in support of its application.

The prosecution’s opening statement will be read when the trial resumes on Nov 27.

Source: Straits Times © SPH Media Limited. Permission required for reproduction.

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