Ng Yu Zhi currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam. - PHOTO: ST FILE
SINGAPORE (Bloomberg): An ex-accountant accused of running a billion-dollar nickel scam that rocked Singapore’s business community pleaded not guilty on Tuesday to 42 charges including fraud and money laundering.
Prosecutors alleged that Ng Yu Zhi, 37, raised money for trades that did not exist. Hundreds of clients, many of them high-profile figures in the city-state, put their money into a $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted impressive average quarterly gains of 15%.
Ng, meanwhile, spent millions to fund an extravagant lifestyle, including several luxury homes and jewelry, as well as Pagani, Ferrari and McLaren sports cars.
Singapore police have referred to the scam, carried out between 2020 and 2021, as one of the country’s largest ever investment frauds. It’s also the latest in a series of scandals in the financial and commodities-trading hub, which is now eager to restore a reputation for good governance.
Earlier this month, former oil tycoon Lim Oon Kuin, 82, was handed a 17-and-half year jail sentence for cheating HSBC Holdings Plc and instigating forgery.
In October, S. Iswaran became the first ex-cabinet minister to be jailed in almost half a century, after pleading guilty to charges including obstruction of justice.
The law firms representing Ng are Legal Eagles, Nicholas & Tan Partnership LLP, Nine Yards Chambers LLC, R. Ramason & Almenoar.
Ng, who initially faced more than 100 charges, has been held in remand for more than nine months.
A civil trial began on July 30 in Singapore’s High Court.
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