SINGAPORE: Prosecutors on Nov 27 set out their case against nickel trading businessman Ng Yu Zhi, accusing him of masterminding a scheme which saw 947 people invest a total ofS$1.46 billion in a venture that was little more than fiction.
Deputy Public Prosecutor Gordon Oh told the High Court that the investors were convinced to invest in Ng’s companies, Envy Asset Management and Envy Global Trading, after he falsely claimed that his firms could purchase nickel from an Australian mine at a discount and sell the metal for a sizeable profit.
