Nickel scam accused’s buying spree extends to S$8 million on semi-detached house, S$2 million on art pieces: witnesses
The prosecution contends that the funds he used were from the criminal benefits that were obtained from fraudulent nickel trading
[SINGAPORE] Ng Yu Zhi spent S$8 million on a semi-detached house and splurged S$2 million on a total of 41 works of art, allegedly using the ill-gotten gains from his purported nickel trading.
Ng, 37, accused of swindling nearly 1,000 victims of about S$1.5 billion over six years, paid S$8 million for a freehold, semi-detached house in the Kembangan area in 2020, based on the statement of prosecution witness Johnson Koh, a director of TLA-CS that sold the property to Ng.
TLA-CS granted Ng the option to purchase in July 2020, with the sale of the property to a Geraldine Lim completed in November that year. But TLA-CS’ Koh did not say in the statement tendered to court on Thursday (Apr 17) the relationship between Lim and the accused.
TRENDING NOW
Grab CEO’s wife Chloe Tong on life with Anthony Tan and finding her purpose
Hwa Seng Builder, two China companies win S$1.2 billion Tuas Road Viaduct phase two contracts
Deal between tycoon friends sparks scrutiny of Philippine power sector
Canada is upping oil flows to Asia, but South-east Asia’s refineries aren’t ready to handle them yet