logo
S$1.5b nickel fraud trial: Accused swindler Ng Yu Zhi declines to testify, defence closes case

S$1.5b nickel fraud trial: Accused swindler Ng Yu Zhi declines to testify, defence closes case

CNA19 hours ago
SINGAPORE: Ng Yu Zhi, the businessman at the heart of an alleged nickel investment fraud involving almost S$1.5 billion (US$1.17 billion), declined to testify in his case on Monday (Jul 7).
Ng, 38, who ran Envy Global Trading and Envy Asset Management, chose to remain silent and accepted that the judge could draw an adverse inference from his choice to do so.
He made this decision after speaking with his lawyers for under an hour on Monday morning.
Defence lawyers Hassan Esa Almenoar and Nichol Yeo had no other witnesses to call, and the defence closed its case.
Both the prosecution and defence are to file their closing submissions on whether or not Ng should be convicted, with a verdict to be given later.
Lead prosecutor Gordon Oh said he had discussed the matter with the defence and it would be "preferable" to have the verdict on Aug 22.
Judicial Commissioner Christopher Goh took note of that but said he would give the verdict date at a later time in case of any further developments or queries he may have.
Ng went on trial in November facing 42 charges, including forgery, handling benefits from criminal conduct, cheating, fraudulent trading and criminal breach of trust.
He has another 66 outstanding charges, but these were stood down or set aside for the time being while this trial goes on.
THE CASE
The prosecution's case is that Ng attracted hundreds of investors over five years from February 2016 with his companies' purported physical nickel trading.
They said Ng was the scheme was Ng's "brainchild", but the nickel trading was "fiction" that he conveyed to investors either personally or through his sales representatives.
Alleged victims of the scheme include lawyers and a venture capitalist, who testified about how he was "impressed" by Ng.
Ng then lived lavishly on the proceeds of the fraudulent scheme, alleged the prosecutors, withdrawing at least S$201.2 million from Envy Global Trading to his personal bank accounts.
He spent it on expensive artworks, property, cars and jewellery, charged the prosecutors.
Over six years, Ng's companies received a total of S$1.46 billion in investments from 947 investors. Of this, about S$482 million was channelled to Ng's personal bank accounts.
Ng was initially on bail running into the millions, but he was remanded after breaking bail conditions by allegedly committing fresh offences. His latest request for bail was rejected by the court last week.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump to put 25% tariffs on Japan and South Korea, new import taxes on 12 other nations
Trump to put 25% tariffs on Japan and South Korea, new import taxes on 12 other nations

CNA

time30 minutes ago

  • CNA

Trump to put 25% tariffs on Japan and South Korea, new import taxes on 12 other nations

US President Donald Trump unveiled higher tariffs for Japan, South Korea and a dozen other countries in a push for new trade deals - but extended the deadline until August for the steeper levies to kick in. Letters were sent to countries including Malaysia, Indonesia, Thailand and Myanmar, informing them of duties on their products ranging from 25 per cent to 40 per cent. These mark a step up from the 10 per cent levy he earlier imposed on almost all trading partners. Follow live:

Samsung expects a 56% drop in Q2 operating profit, far short of estimates
Samsung expects a 56% drop in Q2 operating profit, far short of estimates

CNA

timean hour ago

  • CNA

Samsung expects a 56% drop in Q2 operating profit, far short of estimates

SEOUL :Samsung Electronics on Tuesday projected a 56 per cent drop in second-quarter operating profit from a year earlier, missing analysts' estimates by far. Its chip business struggled with weak sales of artificial intelligence chips, dogged by delays in the supply of its latest chips to Nvidia and continued losses in its contract chip manufacturing business, analysts said. The world's largest memory chipmaker estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate. That would compare with 10.4 trillion won in the same period a year earlier and 6.7 trillion won in the preceding quarter. Revenue would likely fall 0.1 per cent to 74 trillion won from a year earlier, the filing showed.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store