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
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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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