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Fighting fraud and forgery in commodities trading

Singapore’s commodities trading scene has been fraught with scandals. While an industry-wide revamp is underway, would it be enough to restore the Republic’s reputation?

Uma Devi

Uma Devi

Published Fri, Dec 29, 2023 · 02:00 PM
    • Notable commodity-related scandals in the Republic include an alleged S$1.5 billion nickel fraud case involving Ng Yu Zhi’s Envy Global, and the US$768 million loss by Singapore-based Trafigura after it discovered the nickel cargoes it paid for actually contained worthless rubble.
    • Notable commodity-related scandals in the Republic include an alleged S$1.5 billion nickel fraud case involving Ng Yu Zhi’s Envy Global, and the US$768 million loss by Singapore-based Trafigura after it discovered the nickel cargoes it paid for actually contained worthless rubble. PHOTO: REUTERS

    ON THE surface, oil trader Hin Leong was shaping up to be a company that would put Singapore on the commodities map. 

    In 2019, the group posted a net profit of US$78.2 million for its fiscal year and raked in revenues of close to US$20 billion. 

    But trouble was brewing behind the scenes. 

    BrunchCommoditiesoilOK LimTrafigura

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