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CNA
an hour ago
- CNA
S$1.5b nickel fraud trial: Accused swindler Ng Yu Zhi declines to testify, defence closes case
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.
CNA
2 hours ago
- CNA
Thai headline inflation negative for 3rd straight month in June
BANGKOK :Thailand's annual inflation rate was negative for a third straight month in June, driven by lower energy and food prices, but the commerce ministry said on Monday there was no sign of deflation yet. The consumer price index dropped 0.25 per cent in June from a year earlier, bigger than the 0.1 per cent decline forecast in a Reuters poll, and following a 0.57 per cent drop in the previous month. It was the fourth month in a row that the inflation rate has been below the central bank's target range of 1.0 per cent to 3.0 per cent. Headline inflation in the third quarter is expected to remain negative before turning positive in the final quarter of the year, Poonpong Naiyanapakorn, head of the commerce ministry's Trade Policy and Strategy Office, told a press conference. There were no signs of deflation because the price drop was driven by lower energy prices, he said. The core CPI, which excludes volatile fresh food and energy prices, rose 1.06 per cent in June from a year earlier, compared with a forecast increase of 1.10 per cent. In the first six months, annual headline inflation averaged 0.37 per cent, with core inflation at 0.97 per cent, the ministry said. The ministry maintained its headline inflation forecast for 2025 at 0.0 per cent to 1.0 per cent. Last month, the central bank left its key interest rate unchanged at 1.75 per cent, seeking to save some policy ammunition if needed to support the economy amid trade uncertainty and renewed domestic political turbulence. The next rate meeting is on August 13.
CNA
2 hours ago
- CNA
Thai June headline CPI falls 0.25% y/y, below forecast
BANGKOK :Thailand's headline consumer price index dropped 0.25 per cent in June from a year earlier, after the previous month's annual fall of 0.57 per cent, the commerce ministry said on Monday. The figure compared with a forecast fall of 0.10 per cent in a Reuters poll, and was below the central bank's target range of 1 per cent to 3 per cent. The core CPI, which excludes volatile fresh food and energy prices, rose 1.06 per cent in June from a year earlier, compared with a forecast increase of 1.10 per cent.
