On 22 March 2021, Ng Yu Zhi (“Ng”), a director of Envy Asset Management Pte Ltd (“EAM”) and Envy Global Trading Pte Ltd (“EGT”), was charged in the State Courts for cheating and for being a party to fraudulent trading.
The Monetary Authority of Singapore had brought EAM and EGT to the attention of the Commercial Affairs Department (“CAD”) in November 2020. Following which, CAD investigated into the activities of these two entities. Ng was subsequently arrested on 16 February 2021 for suspected cheating in connection with this investigation.
Between October 2017 and February 2021, EAM and EGT are believed to have raised at least S$1 billion from investors to purportedly finance nickel trading activities. Under the investment contracts, investors were promised varying returns, which averaged 15%, over an investment period of three months.
Ng currently faces two counts of cheating under Section 420 of the Penal Code, for allegedly deceiving two parties to pay at least S$48 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. If convicted, for each count of cheating, he faces imprisonment of up to 10 years and shall also be liable to a fine.
Ng also faces two counts of fraudulent trading under Section 340(5) of the Companies Act, allegedly for being a party to the businesses of EAM and EGT that were carried on for fraudulent purposes. If convicted, for each count of fraudulent trading, he faces imprisonment for a term of up to seven years, or a fine of up to S$15,000 or to both.
In the course of the investigation, dealings in bank accounts and properties belonging to various entities connected to Ng have been curtailed. The current estimated value of the bank accounts and the properties is in the region of S$100 million. Investigations and recovery efforts are ongoing.
SINGAPORE POLICE FORCE
22 March 2021 @ 7:15 PM