Liquidators seeking recovery of $855m from alleged fraudster, three others

Case brought against Ng Yu Zhi and trio for alleged complicity in 1.5b nickel trading scam

- Grace Leong

The civil trial of a case brought by liquidators against Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, and three others began on July 30 in the High Court.

The liquidators of Ng's three companies are seeking a court order to recover about $855 million from Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng, for their complicity in what is allegedly the biggest Ponzi scheme in Singapore's history.

Ng and the trio were sued in November 2021 by the liquidators of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million (S$23.8 million) of investors' monies allegedly transferred to Ng's own bank accounts under false pretences.

In December 2022, Ng, the former managing director of EGT and EAM, was declared a bankrupt upon application by liquidators to recover these sums from his personal assets.

Ng, who is in remand, did not appear in court for the trial.

Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.