Envy’s ex-directors seek bankruptcy after being found liable for breach of duties in nickel trading fraud

[SINGAPORE] A director of the insolvent Envy group of companies at the heart of the billion-dollar nickel trading scam has been declared bankrupt, following a court order for her and eight others to repay almost S$900 million.

Another former director, who was also ordered to make the repayment, has applied for bankruptcy as well.

Lee Si Ye was declared bankrupt on Sep 18, a bankruptcy search by The Business Times showed. The 37-year-old applied for her own bankruptcy on Aug 12, less than a fortnight after the High Court ordered that she and eight former directors and employees of the Envy group return almost S$900 million for eventual distribution to the group’s creditors.