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CNA
2 hours 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
3 hours ago
- CNA
Trump says tariff letters to go out to other countries on Monday
President Donald Trump said late on Sunday (Jul 6) that the US will start delivering tariff letters to other countries starting 12pm ET (12am, Tuesday, Singapore time) on Monday. "I am pleased to announce that the United States tariff letters, and/or deals, with various countries from around the world, will be delivered starting 12pm (Eastern), Monday, Jul 7. Thank you for your attention to this matter!" Trump said in a post on Truth Social. Trump had said on Jul 4 that he had signed 12 trade letters ahead of an impending deadline for his tariffs to take effect. "I signed some letters and they'll go out on Monday, probably 12," Trump told reporters, adding that the countries that the letters would be sent to will be announced on the same day. Trump's tariffs were part of a broader announcement in April where he imposed a 10 per cent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until Jul 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. Trump also said that countries aligning themselves with the "Anti-American policies" of BRICS will be charged an additional 10 per cent tariff. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10 per cent Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!" Trump said in a post on Truth Social. Trump did not clarify or expand on the "Anti-American policies" reference in his post. The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as members. BRICS leaders at a summit on Sunday took aim at and recent Israeli-US strikes on Iran.
CNA
4 hours ago
- CNA
*SCAPE to reopen in November, offering more room for programmes aimed at youths
SINGAPORE: Youth hangout spot *SCAPE, will fully reopen in November this year after three years of upgrading works, with an expected annual footfall of more than 2 million people. The space, located in the heart of Orchard Road, will shift its focus from retail offerings to youth-led programmes such as career pathways and community building. It plans to add 30 per cent more openings for such programmes. Through this, it hopes to reach more than 30,000 youths every year, said Mr Ethen Ong, deputy executive director of *SCAPE. He added the change in focus was due to the impact on retail businesses by e-commerce as well as building a community for youths, after noting a demand for such spaces because of the COVID-19 pandemic. Mr Ong told CNA: "(We) got our feedback from our youth that they would like to have more sitting capacity, more open spaces for them … to catch up with friends and to connect.' The plaza at the entrance to the refreshed *SCAPE previously contained retail spaces, which have been replaced by open communal spaces for youths to use as a stage for concerts and performances. WHAT DOES THE NEW *SCAPE OFFER? Mr Ong said the new open plaza was designed to allow youths to run events and performances. The redeveloped *SCAPE is part of the SG Youth Plan, a five-year blueprint on how to support the nation's youth that is set to be released in 2026. Youths looking to host events such as exhibitions can also benefit from lower rental fees when applying to use spaces in *SCAPE that are specially allocated for youth-run programmes, he added. Mr Ong noted that the rent will be cheaper by around half compared to other locations in the shopping belt and the space may also waive the rent for programmes upon application review. Youths can also tap micro-grants for projects benefitting their peers. *SCAPE's chairman David Chua said that the rejuvenated space is part of a larger Somerset youth belt. '(It) is the key node from which partnerships and programmes will then be able to spill over into the belt and give even more space and opportunity for our young people to showcase their talent," he added. *SCAPE will partner nine organisations to help youths learn and engage with industries including wellness, artificial intelligence, urban sports, creative arts, media, entertainment and sustainability. One partner, Lenovo Singapore, said it intends to show how opportunities in technology can benefit students before they enter the workforce. Lenovo Singapore's general manager Nigel Lee added that its programme will look at AI, augmented reality, virtual reality, robotics and more. '(It) is about mentoring (youths), coaching them and (offering internships), making sure that they are ready for the real world once they leave school,' he said. HISTORY OF *SCAPE This is *SCAPE's third revamp since it opened its doors 18 years ago. *SCAPE was first established in 2007 at the Red Box, in response to a call for more youth-centric spaces. Its own building was officially launched in 2010 and underwent its first revamp in 2012, when HubQuarters was introduced as a base for youth organisations and their development programmes. It went through another rebrand in 2016, putting in place new facilities and platforms for entrepreneurship and volunteerism. In 2022, *SCAPE was announced as part of the Somerset Belt Master Plan revitalisation effort. Last year, the Ground Theatre and HubQuarters reopened after renovations. Property experts said community engagement is important in creating youth spaces that can thrive and succeed. Mr Ethan Hsu, head of retail at property firm Knight Frank Singapore, said: 'If you look at other countries where youth-centric precincts have been successful, places like Hongdae in Seoul and Harajuku in Japan … a lot of the activity is driven by the community.' He noted that designing spaces for youth activities also requires an understanding of their diversity. 'We have … creatives … gamers, entrepreneurs (and) social activists. And … youth culture is constantly evolving … so without inviting them to become co-collaborators … to design the space or what (it) is used for, it's hard to say whether it will be sustainable,' added Mr Hsu.
