Latest news with #EnvyGlobalTrading
CNA
6 days ago
- Business
- 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.
Business Times
25-04-2025
- Business
- Business Times
Ossia CEO sold rare Pagani supercar to Ng Yu Zhi for S$7.3 million and invested over S$20 million in billion-dollar nickel scheme
[SINGAPORE] Businessman Steven Goh Ching Huat, who sold a rare supercar to alleged fraudster Ng Yu Zhi for S$7.3 million, had invested millions in Ng's billion-dollar nickel trading scheme. Goh, chief executive of lifestyle products retailer Ossia International, told the High Court on Apr 24 that he invested more than S$20 million in Ng's Envy companies from 2018 until Ng was arrested in 2021. Goh got back about S$10 million and lost about S$11 million, he said through a Mandarin interpreter. He 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 S$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. 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 They include millions spent on multiple luxury cars for his wife and girlfriends, US$965,000 (S$1.27 million) on a 20.25-carat yellow diamond ring, S$8 million on a semi-detached house and S$2 million on 41 works of art. On Apr 24, Goh testified about a blue Pagani Huayra Coupe that he sold to Ng for S$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 added. Ng paid Goh a total of S$7.1 million for the car between March and August 2020. Goh said that for one of the payments, Ng deposited only S$800,000 when he was supposed to pay S$1 million. 'I told him it's all right, you deposit the remaining S$200,000 as an investment for me.' The S$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 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 Apr 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
Singapore Law Watch
25-04-2025
- Business
- Singapore Law Watch
CEO who sold rare supercar to Ng Yu Zhi for $7.3m had also invested in billion-dollar nickel scheme
CEO who sold rare supercar to Ng Yu Zhi for $7.3m had also invested in billion-dollar nickel scheme Source: Straits Times Article Date: 25 Apr 2025 Author: Selina Lum Mr Steven Goh Ching Huat, chief executive of Ossia International, sold a blue Pagani Huayra Coupe to Ng Yu Zhi for $7.3 million in March 2020. Businessman Steven Goh Ching Huat, who sold a rare supercar to alleged fraudster Ng Yu Zhi for $7.3 million, had invested millions in Ng's billion-dollar nickel trading scheme. Mr Goh, chief executive of lifestyle products retailer Ossia International, told the High Court on April 24 that he invested more than $20 million in Ng's Envy companies from 2018 until Ng was arrested in 2021. Mr Goh got back about $10 million and lost about $11 million, he said through a Mandarin interpreter. He 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$1.27 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, Mr 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. Mr 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 added. Ng paid Mr Goh a total of $7.1 million for the car between March and August 2020. Mr Goh said that for one of the payments, Ng deposited only $800,000 when he was supposed to pay $1 million. Mr Goh said: 'I told him it's all right, you deposit the remaining $200,000 as an investment for me.' The $200,000 was invested in Envy Global Trading, the court was told. Under cross-examination by Mr Nicholas Narayanan, one of Ng's lawyers, Mr Goh could not recall when he bought the car, but said he paid 'a few million dollars' for it. When asked, Mr 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. Mr Narayanan asked Mr Goh if he knew 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. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Business Times
25-04-2025
- Business
- Business Times
CEO who sold rare supercar to Ng Yu Zhi for S$7.3 million had also invested in billion-dollar nickel scheme
[SINGAPORE] Businessman Steven Goh Ching Huat, who sold a rare supercar to alleged fraudster Ng Yu Zhi for S$7.3 million, had invested millions in Ng's billion-dollar nickel trading scheme. Goh, chief executive of lifestyle products retailer Ossia International, told the High Court on Apr 24 that he invested more than S$20 million in Ng's Envy companies from 2018 until Ng was arrested in 2021. Goh got back about S$10 million and lost about S$11 million, he said through a Mandarin interpreter. He 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 S$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. 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 They include millions spent on multiple luxury cars for his wife and girlfriends, US$965,000 (S$1.27 million) on a 20.25-carat yellow diamond ring, S$8 million on a semi-detached house and S$2 million on 41 works of art. On Apr 24, Goh testified about a blue Pagani Huayra Coupe that he sold to Ng for S$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 added. Ng paid Goh a total of S$7.1 million for the car between March and August 2020. Goh said that for one of the payments, Ng deposited only S$800,000 when he was supposed to pay S$1 million. Goh said: 'I told him it's all right, you deposit the remaining S$200,000 as an investment for me.' The S$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 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 Apr 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
The Star
24-04-2025
- Business
- The Star
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
Steven Goh Ching Huat, chief executive of Ossia International, sold a rare Pagani Huayra Coupe to Ng Yu Zhi for S$7.3 million in March 2020. - Photo: Court documents 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
