Three ex-employees of Envy group join Ng Yu Zhi in bankruptcy

[SINGAPORE] Three former employees of the Envy group of companies – at the heart of the S$1.5 billion nickel-trading Ponzi scheme that Ng Yu Zhi allegedly perpetrated – have been declared bankrupt after having been ordered by court to repay S$26.6 million in clawbacks.

Bankruptcy orders were made against former sales director Lau Lee Sheng, financial accountant Shen Xuhuai, and business development director and marketing communications director Guo Yujia on Sep 17, the government gazette published on Friday (Sep 25) showed.

The applications were made by the liquidators of Envy Global Trading, Envy Management and Envy Asset Management, after the Court of Appeal dismissed Lau and Shen’s appeals in June.