THE nickel trades that were part of a purported Ponzi scheme allegedly perpetrated by Ng Yu Zhi attracted about S$1.5 billion in funds from investors including financiers and lawyers, with about S$854 million still owed to them.
In the trial that opened on Tuesday (Jul 30), the High Court heard the claims from the group of Envy companies at the heart of the alleged fraudulent nickel trading against two directors and an ex-employee.
The trio and Ng have been sued by Envy Global Trading, Envy Asset Management and Envy Management Holdings, as well as their three liquidators.
The plaintiffs accused Ng of masterminding a brazen Ponzi scheme between February 2016 and April 2020 – said to be the largest in Singapore’s history – with the assistance, complicity or willful blindness of directors Lee Si Ye and Ju Xiao, and ex-employee Cheong Ming Feng.
Ng was the majority owner and a director of each of the Envy companies.
The plaintiffs had gotten a partial summary judgment – which meant asking the court to decide in their favour without going through a trial – against 37-year-old Ng in 2022.
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He was declared bankrupt upon the application of the liquidators acting on the summary judgment to recover about S$440.4 million that were wrongfully transferred into his personal accounts from investors’ money.
But the suit against the other three defendants continues,…
