Bankruptcy trustees of alleged fraudster ordered to accept creditor's $12m claim

The High Court has ordered the private trustees handling the bankruptcy estate of alleged fraudster Ng Yu Zhi to accept a creditor's claim for $12 million, which was previously rejected.

- Selina Lum

The claim was filed by Veronica Shim Wai Han, former chief executive of Envysion Wealth Management (EWM), who alleged that Ng misled her into investing in his Envy companies with fraudulent representations.

Shim, 51, had appealed to the High Court after her proof of debt — a document filed by creditors to make a formal claim against a bankrupt debtor — was rejected by trustees Lai Seng Kwoon and Adrian Chan.

Ng, 37, is accused of masterminding a scam which attracted $1.46 billion from 947 investors. He allegedly told investors he could buy nickel at a discount from a mining company and sell the metal for sizeable profits. Prosecutors say no nickel was actually traded.

The scheme was offered between 2016 and 2021, first through Envy Asset Management and then Envy Global Trading.