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Ng Yu Zhi (“Ng”), a director of Envy Asset Management Pte Ltd (“EAM”) and former director of Envy Global Trading Pte Ltd (“EGT”) has been charged in the State Courts with five additional counts of cheating under Section 420 of the Penal Code on 20 April 2021.

The current set of charges allege that Ng had deceived five individuals to pay at least S$8 million to EGT in connection with its forward contracts with Raffemet Pte Ltd for the sale of nickel, when there were no such forward contracts.

With the latest charges, Ng now faces the following nine charges:

1. Seven counts of Section 420 of the Penal Code, for cheating six individuals and an entity of more than $57 million in connection with its forward contracts with Raffemet Pte Ltd for the sale of nickel, when there were no such forward contracts.
   
   
2. Two counts of fraudulent trading under Section 340(5) of the Companies Act, for being a party to the businesses of EAM and EGT that were carried on for fraudulent purposes.

Police investigations and recovery efforts are ongoing.