Envy companies' director charged with cheating and fraud, at least S$1b involved

A DIRECTOR of Envy Asset Management and Envy Global Trading - two firms being probed for alleged fraud related to nickel trading - was charged on Monday with cheating and fraud. At least S$1 billion is believed to have been invested in the companies for the purported sale and purchase of nickel. It is one of the largest financial fraud cases in Singapore.

Ng Yu Zhi, 33, faces two charges of cheating an individual and a fund management company of at least S$48 million and two charges of being a party to his two companies that were allegedly operated for fraudulent purposes.

Ng was offered bail at S$1.5 million with electronic monitoring imposed. His case will be mentioned on May 17, and further charges may likely be tendered by the prosecution.

The police have seized from Ng assets valued at S$100 million.

Ng is also active in the local food and beverage industry, with interests in at least three dining outlets including Nishikane, but these are said to be "not implicated in any investigations" and "continue to operate normally".

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• Director of firms under probe also owns several F&B outlets