[ad_1]
(Bloomberg) — Two former administrators of the bancrupt Envy Group of corporations are liable to traders for as a lot as $654 million misplaced in a nickel-trading rip-off and Singapore’s largest-ever Ponzi scheme, the Excessive Court docket dominated.
Lee Si Ye, a former Envy director and shareholder, is accountable for the whole sum comprising S$593 million ($461 million), $192.2 million and 880,000 euros ($1 million), in response to a court docket ruling printed Tuesday. Ju Xiao, one other former director and buying and selling head, is accountable for as much as 40% of the entire quantity.
Ng Yu Zhi, the “obvious protagonist and mastermind of the whole Ponzi scheme” who held no less than 80% to 90% of Envy corporations, was not a part of the proceedings as a result of he had already been deemed bankrupt, in response to the ruling.
The 2021 arrest of Ng, now 38, turned a public spectacle in Singapore amid studies about his lavish spending after elevating nearly S$1.5 billion from a whole bunch of purchasers together with high-profile legal professionals. The previous accountant allegedly spent a whole bunch of thousands and thousands to fund his opulent life-style, shopping for mansions, quick automobiles and high-end jewellery.
“The result was a very surprising one: a billion-dollar fraud perpetuated on one and all, from the frequent man on the road to stylish traders who had been seduced by the obvious engaging returns,” Judicial Commissioner Mohamed Faizal wrote in conclusion.
Learn: The Billion-Greenback Nickel-Swap Scandal That Shocked Singapore
Liquidators of Envy World Buying and selling, Envy Asset Administration and Envy Administration Holdings sought to get well traders’ monies. Ng’s Envy Group supplied investments in nickel buying and selling and touted common quarterly positive factors of 15%. The prosecution stated the scheme was “pure fiction.”
Ng has remained on remand since Jan. 31, 2024, in response to the court docket. Cheong Ming Feng, an administrative government at Envy, is accountable for S$1.9 million much less his wage funds and contributions to the nationwide pension fund.
Extra tales like this can be found on bloomberg.com
[ad_2]
Supply hyperlink