Latest news with #Envy
Straits Times
10 hours ago
- Business
- Straits Times
Liquidators score victory to recoup over $900 million from scammer Ng Yu Zhi's associates
Sign up now: Get ST's newsletters delivered to your inbox Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds. SINGAPORE - The liquidators for three companies of Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, scored a legal victory on July 29 to recover more than $900 million from nine former directors and employees for their role in Singapore's biggest Ponzi scheme. In 2021, the liquidators of Envy Asset Management (EAM), Envy Global Trading (EGT) and Envy Management Holdings (EMH) sued Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng. Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading. Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors. In a 180-page judgment issued July 29, the liquidators, who are represented by lawyers Daryl Fong and Lin Ruizi of Shook Lin & Bok, were awarded damages after Ms Lee, Mr Ju and Mr Cheong were found to have breached their duties as directors. They also received damages for fraudulent trading by Mr Ju. The trio were also ordered to pay back about $27 million in commission payments, profit sharing, bonuses, CPF payments, directors' fees and dividends. The High Court, however, ruled that the July 29 judgment is 'not binding' on Ng, who was made bankrupt in December 2022. Civil proceedings against the former managing director of EGT and EAM stopped as a result. Ng's criminal trial on 42 charges ended on July 7 after he opted not to take the stand. He had faced a total of 108 charges over offences including cheating, forgery, fraudulent trading, money laundering and criminal breach of trust. In awarding damages to the liquidators, High Court Judicial Commissioner Mohamed Faizal found that the nickel trading scheme did not exist and none of the investors' monies were used to buy nickel from Poseidon Nickel. This is the Australian firm that Ng claimed to have bought nickel from. Instead the funds were transferred to Ng through Envy Asset Management Trading (EAMT), paid as directors' fees to Ng and Ms Lee, and as commission payments, profit sharing fees to the defendants and other employees. The funds were also used to pay referral fees or 'profits' in excess of the invested principal to investors; and transferred or paid to other companies owned by Ng or his Envy companies, the judicial commissioner found. The High Court also found that the Envy companies were 'hopelessly insolvent and unable to pay their debts. Neither EGT nor EMH had any legitimate, revenue-generating business and there was no other meaningful business undertaken by the Envy companies.' There was also 'compelling evidence of the shocking level of ineptitude and nonchalance' on the part of Ms Lee, who allegedly helped Ng cover up details of fraudulent transfers of $416.5 million and US$17.7 million to his own bank accounts under false pretences, according to the ruling. She was found to be 'grossly negligent' but 'did not have actual knowledge' of the Ponzi scheme as she herself was being duped by Ng, with her own family members and loved ones also invested in the scheme, the judicial commissioner pointed out. As for Mr Ju, the High Court found that he was in breach of his directors' duties and liable for fraudulent trading, among other things. 'That he was willing to forge documents, fraudulently change the paid-up capital sums for EGT and mislead investors ... spoke to his entire approach to his role as a director and employee of the company. These actions also reflect his willingness to be complicit in whatever he was asked to do. This made a mockery of his duties as a director of EGT,' the judicial commissioner said. Mr Cheong, the ex-employee, knew that he was creating forgeries, and also became aware that these were being circulated to both internal employees and external investors, but the High Court found that he did not know that such actions were being done to prop up a sham scheme. For one thing , Mr Cheong was 'not particularly sophisticated and possessed a rather rudimentary understanding of the business'. His own investments 'started even before he joined the Envy companies and he had assisted some of his friends to do the same, which suggests that he himself bought into the logic of the purported nickel trading,' the judicial commissioner said. Regardless of whether Ms Lee, Mr Ju or Mr Cheong had knowledge of the Ponzi scheme, they were still ordered to return most of the monies they had received from the Envy companies. In a separate 62-page judgment released July 29, the High Court ordered six other former employees of the Envy companies to cough up more than $42 million in fictitious profits, commission payments, profit sharing and referral fees paid to them. This award is subject to a deduction of income tax payments made by these six employees. Former employees Lau Lee Sheng, Benjamin Teo Wei Wen, Ms Shen Xuhuai, Koh Hong Jie (Xu Hongjie), Guo Yujia and Jordan Chua Wei Jian were named defendants in this suit brought by the liquidators. The High Court allowed the liquidators to claw back monies paid to them after finding that the Envy companies 'were never under any obligation to pay the commission payments and profit sharing payments to the defendants because the (companies) never made any actual profit.'
Mint
14 hours ago
- Business
- Mint
Singapore Director Is Liable for $654 million After Ponzi Scheme
(Bloomberg) -- Two former directors of the insolvent Envy Group of companies are liable to investors for as much as $654 million lost in a nickel-trading scam and Singapore's largest-ever Ponzi scheme, the High Court ruled. Lee Si Ye, a former Envy director and shareholder, is liable for the entire sum comprising S$593 million ($461 million), $192.2 million and 880,000 euros ($1 million), according to a court ruling published Tuesday. Ju Xiao, another former director and trading head, is liable for up to 40% of the total amount. Ng Yu Zhi, the 'apparent protagonist and mastermind of the entire Ponzi scheme' who held at least 80% to 90% of Envy companies, was not part of the proceedings because he had already been deemed bankrupt, according to the ruling. The 2021 arrest of Ng, now 38, became a public spectacle in Singapore amid reports about his lavish spending after raising almost S$1.5 billion from hundreds of clients including high-profile lawyers. The former accountant allegedly spent hundreds of millions to fund his opulent lifestyle, buying mansions, fast cars and high-end jewelry. 'The outcome was a truly shocking one: a billion-dollar fraud perpetuated on all and sundry, from the common man on the street to sophisticated investors who were seduced by the apparent attractive returns,' Judicial Commissioner Mohamed Faizal wrote in conclusion. Read: The Billion-Dollar Nickel-Swap Scandal That Shocked Singapore Liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings sought to recover investors' monies. Ng's Envy Group offered investments in nickel trading and touted average quarterly gains of 15%. The prosecution said the scheme was 'pure fiction.' Ng has remained on remand since Jan. 31, 2024, according to the court. Cheong Ming Feng, an administrative executive at Envy, is liable for S$1.9 million less his salary payments and contributions to the national pension fund. More stories like this are available on
Business Times
17 hours ago
- Business
- Business Times
9 ex-directors, employees ordered to repay almost S$900 million to Envy companies in fraudulent nickel trading suits
[SINGAPORE] Nine former directors and employees of insolvent Envy group of companies – at the centre of the S$1.5 billion nickel trading fraud allegedly perpetrated by Ng Yu Zhi – have been ordered by the High Court to return almost S$900 million to the group. In a 180-page judgement published on Tuesday (Jul 29), Judicial Commissioner Mohamed Faizal found that ex-directors Lee Si Ye (also known as Rhiya) and Ju Xiao were jointly and severally liable for the total sum of S$593 million, US$192.2 million and 880,000 euros (S$1.3 million). Lee is fully liable for the entire sum, while Ju is responsible for up to 40 per cent of the quantum, the judge ruled. Lee was a former director of Envy Asset Management and Envy Management Holdings until 2021, and is still a director of Envy Global Trading. Ju was a director of Envy Global Trading until he resigned in late 2020, but he continued to be head of trading of the Envy group until May 2021. Cheong Ming Feng, an administrative executive, has been ordered to repay S$1.9 million but is allowed to have his salary payments and corresponding Central Provident Fund contributions set off against this liability. In another judgement also released the same day, the judicial commissioner ruled that six other former employees were liable for about S$42 million in total, with each person's payments ranging from S$370,882 to S$17.9 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The six are Lau Lee Sheng, Benjamin Teo Wei Wen, Shen Xuhuai, Koh Hong Jie, Guo Yujia and Jordan Chua Wei Jian. They were employed in various capacities, including sales directors, sales associates and financial accountants, by Envy Asset Management or Envy Management Holdings. Largest Ponzi scheme in Singapore Between 2015 and April 2020, Envy Asset Management purportedly engaged in physical nickel trading by purchasing quantities of London Metal Exchange Nickel Grade Metal at a discounted rate, before selling the metal at a higher price to third party buyers. After the Monetary Authority of Singapore placed Envy Asset Management on its investor alert list for being wrongly perceived as being licensed to carry out such trading, the business was transferred to Envy Global Trading, owned by Envy Management Holdings. The largest Ponzi scheme in Singapore's history attracted about S$1.5 billion in funds from investors that included financiers and lawyers. About S$854 million is still owed to them. Ng, the apparent protagonist and mastermind of the scheme, held at least 80 to 90 per cent of the stakes in the Envy companies, and was a director of Envy Asset Management and Envy Global Trading. He was declared bankrupt in 2022 after he was ordered by the court to repay about S$416.4 million and US$17.6 million over his alleged acts.
NZ Herald
17-07-2025
- Business
- NZ Herald
Up for sale: The unusual way NZX-listed T&G Global found out its major shareholder was selling up
'Their disclosures have gotten better over the last three or four years, and that's commendable, but it is certainly not the most engaging of companies listed on the NZX from a shareholders' perspective. 'If I were an independent director, I would be asking a few questions as to why it did not come up earlier.' Like many in the horticulture sector, T&G Global took a hit from Cyclone Gabrielle. In its latest result, T&G Global said high demand for T&G Global's premium Envy and Jazz-branded apples, coupled with higher pricing in global markets, helped it bounce back from the impact of the cyclone. For the year ending December 2024, the company recorded a loss before tax of $6.8 million, compared with a pre-tax loss of $64.2m in 2023, and an operating profit of $12.7m (the previous year's loss was $45.6m). In response to an open letter to shareholders circulating on social media platform X that was critical of the company's performance, T&G Global chairman Benedikt Mangold said the board was confident in the company's strategy 'and we continue to be pleased with our financial progress'. 'We are fully aligned with management on the company's outlook, and we look forward to updating the market and shareholders on August 8 with our half-year results,' he said in an email to the Herald. Mangold said if shareholders had any concerns, they had not been raised at the company's annual meeting in May. Strategic options T&G Global, which sells fresh produce to more than 60 countries, is itself going through a process to consider its strategic options and has engaged Craigs Investment Partners to advise it. Late in 2021, the company announced it would spend $100m on a new state-of-the-art packhouse adjacent to its Whakatu site in Hawke's Bay. As well as improving productivity, the new facility would allow T&G to accommodate increasing volumes of Envy and other apple varieties. AFR's Street Talk said Australian fund manager ROC Partners 'likes the look' of T&G Global. The paper also said T&G Global would be a logical bolt-on for Macquarie Asset Management. In BayWa's annual report, new chief executive Frank Hiller said the company was embarking on a 'fundamental transformation' bringing an end to its debt-financed expansion. BayWa, which has interests ranging from food to construction and energy, first made its play for the then Turners and Growers in 2011, with the intention of a complete takeover. A pre-bid agreement with shareholder Guinness Peat Group meant it already had 63.5% of the shares locked up. The offer was for all shares in NZX-listed Turners & Growers at $1.85 a share, valuing the company at $216.5m. But rather than go to 100%, BayWa was persuaded to remain a majority owner, allowing minority shareholders to stay on the register and for Turners and Growers to retain its NZX listing. Meanwhile, speculation over T&G Global's future has not done its share price any harm. The stock now trades at around $2.05 – its highest point since October 2023. Port of Tauranga upgrade Brokers Forsyth Barr say the favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from September 1. 'Its vehicle booking system charge will rise by more than 100%, which we estimate will contribute incremental annualised revenue of $9m, assuming no volume offset,' the broker said. 'Pricing remains POT's key lever in lifting its return on invested capital above its 7% target by 2028, particularly given: (1) container terminal capacity constraints; and (2) the pricing behaviour of key competitor, Port of Auckland.' Forsyth Barr has raised its net profit forecast for 2026 by 3% to $146m and has left its 2027 forecast unchanged at $168m. Encouraging Ryman Forsyth Barr has welcomed Ryman Healthcare's (RYM) latest first-quarter sales update. Encouragingly, forward-looking contracted sales continued to recover, it said. 'One swallow does not make a summer, but we view this as an important step in de-risking the investment case,' the broker said. 'The key risk since RYM's pricing strategy change and dramatic drop-off in sales has been that it would build resales inventory at a high rate, forcing RYM to buy back units – creating a meaningful cash flow drag. 'Current resales levels remain insufficient to halt inventory build, but this update is a clear step in the right direction and should materially reduce the rate of inventory build.' Powering down Jarden has released its analysis of Meridian and Mercury's operating stats for June. It said Meridian's figures imply 2025 earnings before interest, tax, depreciation and amortisation (ebitda) of $612m, down from $905m in 2024. Mercury's update implies 2025 ebitda of $768m, down from $877m reported in 2024. 'We retain our $7.40 target price for Mercury and reaffirm our overweight rating, reflecting discounted valuation.' Listing the potential risks for Mercury, Jarden cited regulatory changes, transmission pricing methodology adjustments, wholesale spot price fluctuations and higher-than-historical inflows into its hydro generation from Lake Taupō down the Waikato River chain. The firm maintains a neutral rating on Meridian, with an unchanged target price of $6.47. Among the risks, Jarden again listed regulatory changes for Meridian. Annual results from Mercury are due on August 19 and August 27 for Meridian. Meanwhile, the High Court this week approved a scheme of arrangement under which Meridian will acquire all of the shares in NZ Windfarms. Provided the remaining customary conditions are satisfied or waived, implementation of the scheme will occur on July 30, Meridian said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
Otago Daily Times
13-05-2025
- Business
- Otago Daily Times
Canterbury farm being converted from dairy to apples
A seaside dairy farm in Canterbury is being converted into an apple orchard. The conversion of the Pendarves farm is the first commercial planting of a new apple variety in Canterbury backed by superannuation funds. New Zealand fruit and vegetable giant T&G launched its Joli brand in 2023 following its Envy and Jazz varieties. Initially 125ha of the dairy farm will be planted in the spring, representing Canterbury's first commercial planting of the new variety following trials. T&G has entered into an agreement with the New Zealand Superannuation Fund through its rural investment manager FarmRight. The company is licensing the growing of its Joli apple brand to FarmRight, which will be responsible for planting and growing the 125ha. The farm site has not been publicly released until now. FarmRight has confirmed the Joli project is being undertaken at the Pendarves location. Signage at the gate states the project is being undertaken by FarmRight, NZSuperFund Rural Land Ltd, and Torea Orchards. Infrastructure development is also under way at the site. FarmRight is advertising for permanent and fixed-term staff to work on the orchard. Meanwhile, T&G Apples chief operating officer Shane Kingston recently told Allied Press one of the company's business goals was to have diversified growing. Local conditions suited the introduction of an apple orchard in Canterbury, he said. "We had already planted in Hawke's Bay with 55ha and when we were looking for conditions for Joli to be successful Canterbury came up really strongly when we think about climatic conditions, availability of water, soil types and land available for such a venture. So it made really good sense to diversify to Canterbury." He said FarmRight's development would start with the orchard infrastructure and carry through to the start of tree planting in spring. Apples could be harvested after four or five years, but trees would take seven years before they started fruiting at a commercially viable crop level, he said. "It just shows the level of commitment from the NZ Super Fund, FarmRight and T&G for the region and the variety. In the context it's a long-term play." Kingston said the partners had evaluated the projected returns from their investment in the Joli orchard. "As you could imagine with the decision been made here, the Super Fund and FarmRight are in a number of primary industry sectors, dairy included, so they have got a very good understanding lens on returns per hectare and for them this is a good investment."
