CEO who sold rare supercar to alleged fraudster for S$7.3mil had also invested in billion-dollar nickel scheme, S'pore High Court hears
SINGAPORE: Businessman Steven Goh Ching Huat, who had sold a rare supercar to alleged fraudster Ng Yu Zhi for S$7.3 million, had also invested millions in the latter's billion-dollar nickel-trading scheme.
Goh, the chief executive of lifestyle products retailer Ossia International, told the High Court on Thursday (April 24) that he invested more than S$20 million in Ng's Envy companies from 2018 until Ng was arrested in 2021.
He got back about $10 million and lost about $11 million, he said through a Mandarin interpreter.
The businessman was testifying in Ng's ongoing criminal trial for 42 charges of cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.
The 37-year-old is accused of masterminding a scam which attracted $1.46 billion from 947 investors over six years.
Over the past two weeks, the court has heard evidence of Ng's lavish purchases, which the prosecution alleges were funded by his ill-gotten gains.
They include millions spent on multiple luxury cars for his wife and girlfriends, US$965,000 (S$1.26 million) on a 20.25-carat yellow diamond ring, $8 million on a semi-detached house and $2 million on 41 works of art.
On April 24, Goh testified about a blue Pagani Huayra Coupe that he sold to Ng for $7.3 million in March 2020.
The sports car is among the assets listed in two money laundering charges.
Goh said only 100 units of this model were produced.
He had bought the car directly from the Italian manufacturer and it was the only one in Singapore, he said.
Ng paid Goh a total of $7.1 million for the car between March and August 2020.
Goh said that for one of the payments, Ng deposited only $800,000 when he was supposed to pay $1 million.
He said: 'I told him it's all right, the remaining $200,000 you deposit as an investment for me.'
The $200,000 was invested in Envy Global Trading, the court was told.
Under cross-examination by Nicholas Narayanan, one of Ng's lawyers, Goh could not recall when he bought the car, but said he paid 'a few million dollars' for it.
When asked, Goh said he had sold the car to Ng at a higher price than the price he had paid, but that it was 'normal', and he agreed with the defence lawyer that the car had tremendous value that appreciates over time.
Narayanan asked Goh if he knew that Ng had tried to become the distributor for Pagani for the Singapore and Malaysia market, but the businessman said he did not know about this.
The trial continues.
Ng's nickel scheme was first offered through Envy Asset Management in February 2016.
After the firm was placed on the Monetary Authority of Singapore's investor alert list, the scheme was moved to Envy Global Trading from April 2020 to March 2021.
Ng allegedly told investors he could buy nickel at a discount and then sell the metal for profit.
The prosecution's case is that the purported nickel trades did not exist, and that earlier investors were paid with money put in by other investors. - The Straits Times/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Laos launches climate-smart farming project in six provinces
VIENTIANE (Laotian Times): Laos is stepping up efforts to tackle climate-related food insecurity and open new export opportunities, with US$68.5 million in support from the Asian Development Bank (ADB) and partners to modernise agriculture in six climate-vulnerable provinces. The new Sustainable Agrifood Systems Sector Project, running from 2025 to 2030, will focus on improving food security, nutrition, and climate resilience in three northern provinces—Xayabouly, Phongsaly, and Houaphanh, and three southern ones, Salavanh, Sekong, and Champasack. Backed by a mix of loans and grants from the ADB, the EU-ASEAN Catalytic Green Finance Facility, and the ASEAN Infrastructure Fund, the project reflects the growing need to protect food systems from climate shocks while increasing farm productivity and export potential. At the centre of the plan is climate-resilient farming. Smallholder farmers will receive hands-on training to adapt to changing weather, with a focus on high-value crops like bamboo, coffee, and durian that suit both market demand and local conditions. The project also offers affordable microfinance options to help farmers and rural businesses stay afloat during extreme weather. Key infrastructure such as irrigation systems and rural roads will be upgraded to allow year-round farming and easier access to markets. Community involvement and gender inclusion are also major parts of the plan. Both men and women will help lead and maintain local infrastructure projects, ensuring long-term success and shared responsibility. By tackling climate risks, food shortages, and trade barriers all at once, the project marks a big step in preparing Laos's rural economy for a more unpredictable future. - Laotian Times
Malaysian Reserve
2 hours ago
- Malaysian Reserve
Malaysia leads Southeast Asia IPO performance in first half of year
KUALA LUMPUR — Despite broader regional challenges, Malaysia leads Southeast Asia's initial public offering (IPO) performance in the first half of the year, Deloitte data showed, reported Xinhua. The firm said in a recent report that Malaysia recorded approximately 48 per cent year-on-year increase in the number of listings to 32, with IPO amount raised increasing by approximately 109 per cent to US$940 million, along with a corresponding uptick in total IPO market capitalisation by approximately 165 per cent to US$4.04 billion. 'The IPO outlook in Malaysia remains optimistic for the remainder of 2025, with 32 listings recorded as of June 30, 2025, putting Bursa Malaysia on track toward its full year target of 60 listings,' said Deloitte Malaysia Transactions Accounting Support Partner Wong Kar Choon. However, he noted the recent US trade tariffs and geopolitical tension have introduced uncertainty, and he foresees that there could be an impact to the IPO market. According to him, this situation may lead to cautious investor sentiments as investors may adopt a more cautious approach and favour less risky assets during this uncertain period. Additionally, he opined that companies may delay their IPO plans, especially for export-driven companies that is affected by supply chain disruptions and cost pressures. He also anticipates that the consumer industry with well-established brand names will continue to be the cornerstone of Malaysia's economic landscape and are poised to leverage their strong market presence to tap on the IPO capital market opportunities. Overall, the Southeast Asia IPO capital market remained resilient in the first half of 2025. It saw 53 IPOs, with over US$1.4 billion in IPO proceeds raised and an IPO market capitalisation of US$7.7 billion as compared to the first half of 2024, which saw 67 IPOs, just under US$1.4 billion in IPO proceeds and IPO market capitalisation of US$5.8 billion. This represents a 3 per cent increase in IPO amount raised and an increase of 33 per cent in IPO market capitalisation, despite a 21 per cent decrease in the number of IPOs across Southeast Asia, compared to the first half of 2024. — BERNAMA-XINHUA
The Star
3 hours ago
- The Star
Malaysia leads South-East Asia IPO performance in first half of year
KUALA LUMPUR (Xinhua): Despite broader regional challenges, Malaysia leads Southeast Asia's initial public offering (IPO) performance in the first half, Deloitte data showed. The firm said in a recent report that Malaysia recorded approximately 48 per cent year-on-year increase in the number of listings to 32, with the IPO amount raised increasing by approximately 109 per cent to US$940 million, along with a corresponding uptick in total IPO market capitalization by approximately 165 per cent to US$4.04 billion. "The IPO outlook in Malaysia remains optimistic for the remainder of 2025, with 32 listings recorded as of 30 June 2025, putting Bursa Malaysia on track toward its full year target of 60 listings," said Deloitte Malaysia Transactions Accounting Support Partner Wong Kar Choon. However, he noted the recent U.S. trade tariffs and geopolitical tension have introduced uncertainty, and he foresees that there could be an impact on the IPO market. According to him, this situation may lead to cautious investor sentiments as investors may adopt a more cautious approach and favor less risky assets during this uncertain period. Additionally, he opined that companies may delay their IPO plans, especially for export-driven companies that is affected by supply chain disruptions and cost pressures. He also anticipates that the consumer industry with well-established brand names will continue to be the cornerstone of Malaysia's economic landscape and is poised to leverage its strong market presence to tap into the IPO capital market opportunities. Overall, the South-East Asia IPO capital market remained resilient in the first half of 2025. It saw 53 IPOs, with over US$1.4 billion in IPO proceeds raised and an IPO market capitalisation of US$7.7 billion as compared to the first half of 2024, which saw 67 IPOs, just under US$1.4 billion in IPO proceeds and IPO market capitalisation of US$5.8 billion. This represents a 3 per cent increase in IPO amount raised and an increase of 33 per cent in IPO market capitalization, despite a 21 per cent decrease in the number of IPOs across Southeast Asia, compared to the first half of 2024. - Xinhua
