Singapore trial begins on alleged 'ponzi' oil scheme involving C$175m
Over 1,000 investors across Asia coming together to sue Yau Kwok Seng, Capital Asia Group and Capital Asia Group Oil Management
Kelly Ng
Singapore
OVER 1,000 investors across Asia have come before the Singapore courts to sue a Singaporean whom they allege to be the mastermind of a ponzi oil investment scheme that defrauded thousands of investors of C$175 million (S$180 million).
The trial, which will begin on Tuesday, stems from a collective action brought forth via POA Recovery - a special purpose vehicle set up to help investors from different legal jurisdictions recover alleged damages - against Yau Kwok Seng, Capital Asia Group (CAG) and Capital Asia Group Oil Management.
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