Director of firms under probe also owns several F&B outlets
Singapore
NG Yu Zhi, the director of two firms being probed for alleged fraud related to nickel trading, is also active in the local F&B industry, with interests in at least three dining outlets including a high-end Japanese restaurant.
ACRA records list him as managing director and main shareholder of Invidia Capital, which owns Envy Hospitality Holdings, described on its website as an F&B and lifestyle company.
Envy operates the modern kappo restaurant Nishikane and casual sake bar Sake Labo, both located on Stanley Street, as well as Cicada, a modern Asian tapas eatery in Clarke Quay.
Invidia is also a minority shareholder in the upcoming Joël Robuchon restaurants, in collaboration with the owners of Sushi Kou, a popular luxury sushi outlet.
The original restaurants helmed by the late celebrity chef exited Singapore in 2018, but are expected to return later in the year in the form of a cafe and the top-rung Joël Robuchon fine-dining restaurant.
Mr Ng, who is the director of Envy Asset Management and Envy Global Trading, was arrested last month for suspected cheating in connection with an investment scheme involving the two firms.
The Straits Times reported that the firms are being investigated by the Commercial Affairs Department for alleged misuse of funds raised from investors to finance nickel trading.
He is reported to have told investors that he is working to return their money.
As for the restaurant businesses, managing partner Raymond Lim of Envy Hospitality said that the company "is not implicated in any investigations" and "all our restaurants and corporate office continue to operate normally".
He added: "Our accounts are distinct from and unrelated to Envy Global. We run our accounts separately and pay for all our operating expenses through internally generated cash flow from all three outlets."
