Singapore ups bail of alleged billion-dollar fraudster over escape fears


  • World
  • Tuesday, 06 Jul 2021

FILE PHOTO: Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. REUTERS/Edgar Su

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)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In World

EU's Borrell 'optimistic' about possible new Iran talks
Haitians strike to protest kidnappings; pressure grows to free missionaries
Deaths in Norway attack came from stab wounds, not bow and arrow, police say
Lebanon's Amal movement says violence aimed to reignite internal strife
Sit-in calling for Sudanese government dissolution grows into thousands
Polish PM vows loyalty to EU, warns of 'dangerous' centralisation
Russia's remote permafrost thaws, threatening homes and infrastructure
Centre-left poised to win Italian mayoral run-offs as right flounders
Merkel says migration still challenge for EU but not same as 2015
UK's Johnson to lead tributes to slain lawmaker Amess

Others Also Read


Vouchers