Venture capitalist says he was impressed when he first met alleged fraudster

Well-known venture capitalist Finian Tan told the High Court on April 3 that he was impressed by alleged fraudster Ng Yu Zhi, who was introduced to him as a successful nickel trader when they first met in August 2020.

- Selina Lum

Dr Tan said: "I was so amazed that such a young person could have amassed so much net worth.

"He was a self-made man apparently, and he was so young. He appeared knowledgeable and smart... He understood what I was doing, asked very good questions, (and) didn't inherit his wealth."

Dr Tan, the founder and chairman of Vickers Venture Partners, is known for spotting the potential in search giant Baidu back in 2000 when it was just a small Chinese start-up.

He was taking the stand in the ongoing trial of Ng, 37, who is accused of masterminding a nickel-trading scam that attracted $1.45 billion from hundreds of investors over six years.

Ng is accused of cheating Dr Tan by getting him to deliver US$19.2 million (S$25.7 million) in fresh funds to Ng's company, Envy Global Trading (EGT).

Ng allegedly did this by making Dr Tan believe that the company was buying nickel at a discount and selling the metal for a profit.

Taking the stand on the afternoon of April 3, Dr Tan noted that Ng never approached him about the nickel business.

He said a good friend had told him about someone who was keen to invest in Vickers or one of its funds.

Dr Tan, who holds a PhD in engineering, said he agreed to meet this person.