Purported victims of Ng Yu Zhi's alleged scam include leading lawyers, venture capitalist

Tay Peck Gek

Published Mon, Jun 28, 2021 · 09:50 PM

Singapore

NG Yu Zhi, 34, director of Envy Asset Management (EAT) and Envy Global Trading (EGT), is said to have swindled investors into putting at least S$1 billion into nickel deals that never took place.

The Business Times looks at this high-stakes case so far and some companies with links to Ng.

Charges

Ng has been charged with 31 offences so far, most of which are cheating that allegedly took place between September 2020 and February this year, the rest include fraudulent trading, forgery and misappropriation of at least S$201.2 million from EGT's bank account.

EAM is said to have borrowed money from investors to purchase nickel but the prosecution is accusing the company of making no purchase of nickel.

EGT is alleged to have deceived investors to purchase a portion of receivables from its purported sale of nickel through forward contracts when there was no such sale.

The investment contracts with EAM and EGT were for an investment period of three months. Investors were promised varying returns, which averaged 15 per cent. Many investors rolled over their contracts after the end of three months, reinvesting their principal and returns.

Separately, Ng and EGT are facing lawsuits from alleged victims, construction firm Debenho and its managing director Low Teck Dee.

Firms Ng has present or past links

The accused has links to a total of 34 entities presently or in the past, either as their shareholders or directors.

These companies include an auto dealership, an electric mobility startup and an indirect food and beverage business owner.

Ng is a director of Envy Motors. But he no longer owns a stake in the car dealership that specialises in classic, luxury and vintage automobiles, going by Handshakes data. Also, he owns shares in electric mobility startup Swag EV, but has quit being its director.

The accused is also managing director and main shareholder of Invidia Capital, which in turn has a stake in Envy Hospitality Holdings. Envy Hospitality operates the Japanese restaurant Nishikane, sake bar Sake Labo and Asian tapas eatery Cicada.

The Who's Who among his alleged victims

Companies and individuals have been named as the victims purportedly fallen prey to Ng's scam.

The alleged victims (and the purported amounts deceived) include:

Notable professionals and businessmen:

Venture capital firm Vickers Venture Partners chairman Finian Tan (US$19.2 million)

Senior Counsel Thio Shen Yi (S$87,150)

Leading criminal lawyer Sunil Sudheesan (S$1 million)

Temasek International general counsel Pek Siok Lan (S$5.6 million)

Chuan Hup Holding CEO Peh Siong Woon Terence (S$3 million)

Debenho managing director Low Teck Dee (S$2.35 million)

Former global head of commodities at Standard Chartered, Arun Murthy (S$950,000)

Amos International founder Danny Lien (S$2 million)

Envysion Wealth Management CEO Veronica Shim (S$955,000)

Venture capital firm Vickers Venture Partners chairman Finian Tan (US$19.2 million)
Senior Counsel Thio Shen Yi (S$87,150)
Leading criminal lawyer Sunil Sudheesan (S$1 million)
Temasek International general counsel Pek Siok Lan (S$5.6 million)
Chuan Hup Holding CEO Peh Siong Woon Terence (S$3 million)
Debenho managing director Low Teck Dee (S$2.35 million)
Former global head of commodities at Standard Chartered, Arun Murthy (S$950,000)
Amos International founder Danny Lien (S$2 million)
Envysion Wealth Management CEO Veronica Shim (S$955,000)