Envy’s ex-directors seek bankruptcy after being found liable for breach of duties in nickel trading fraud
Judicial Commissioner Mohamed Faizal finds that Lee Si Ye and Ju Xiao breached their duties as directors of Envy group of companies
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[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.
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