$1.1 Billion Singapore Envy Nickel Trading Fraud: Liquidators File for Court Order to Recover $637 Million from Envy Founder Ng Yu Zhi, ex-Directors Lee Si Ye & Ju Xiao, and ex-Employee Cheong Ming Feng, Liquidators to Recover Investors Money from Envy Global Trading, Envy Asset Management & Envy Management Holdings
3rd August 2024 | Hong Kong
$1.1 Billion Singapore Envy Nickel Trading Fraud – Liquidators file court order to recover $637 million directly from Envy founder Ng Yu Zhi, ex-Directors Lee Si Ye & Ju Xiao, and ex-employee Cheong Ming Feng. The liquidators are attempting to recover investors money from 3 firms, Envy Global Trading, Envy Asset Management & Envy Management Holdings. In 2024 February, Envy founder Ng Yu Zhi had attempted to launder & receive $374,000 (S$500,000) by selling a shophouse in Singapore (13 Bussorah Street) to Gan Wee Pin in October 2023 and now faces a total of 106 criminal charges. In 2021, Ng Yu Zhi was arrested for alleged $1.1 billion (S$1.46 billion) nickel trading fraud after a probe in 2020 by Singapore authorities (Commercial Affairs Department), promising returns averaging 15% every 3 months or 60% a year. Envy would buy nickel from Australian supplier Poseidon, and will be sold to otherr parties including BNP Paribas and Singapore-based trading company Raffemet. The prosecution said that the companies (Envy) did not purchase any nickel and the forward contracts did not exist, and the documents were forged. Ng Yu Zhi, a Singaporean, was reported to lead a lavish lifestyle with monthly expenses of around $2 million. His expenses include flying on private jet, butler & chauffeur services, nightclubs, luxury cars including a the only Pagani Huayra Italian supercar in Singapore and a Porsche 911 GT3. Investors in Ng Yu Zhi nickel trading schemes include high profile lawyers and investment managers including Chairman Vickers Capital (Venture Capital) Finian Tan ($19.2 million), Temasek General Counsel Pek Siok Lan ($5.5 million), former Singapore Law Society President Thio Shen Yi and Criminal lawyer Sunil Sudheesan. In 2024 March, a Singapore court issued charges against ex-Citi, UBS, Julius Baer & EFG top private banker & ex-CEO of Envysion Wealth Management (now known as Hui Xun Asset Management) Shim Wai Han, Envysion ex-CIO Doo Chun Ki and ex-COO Tan Kay Siong for various offences including failure in risk management, failure to mitigate conflicts of interest in management of assets, making false statements & forwarding email correspondence from Singapore MAS (Monetary Authority of Singapore) to Ng Yu Zhi, who is Envy founder & currently on bail for $1.1 billion Singapore nickel trading fraud. Singapore central bank Monetary Authority of Singapore (MAS) had previously reported Envysion Wealth Management lost at least $35 million in Envy (Singapore alleged $1.1 billion nickel trading fraud by Ng Yu Zhi).
“ $1.1 Billion Singapore Envy Nickel Trading Fraud: Liquidators Files for Court Order to Recover $637 Million from Envy Founder Ng Yu Zhi, ex-Directors Lee Si Ye & Ju Xiao, and ex-Employee Cheong Ming Feng, Liquidators to Recover Investors Money from Envy Global Trading, Envy Asset Management & Envy Management Holdings “
Singapore Court Issues Charges Against Ex-Citi, UBS, Julius Baer & EFG Top Private Banker & CEO of Envysion Wealth Management, Envysion CIO & COO for Various Offences Including Failure in Risk Management, Failure to Mitigate Conflicts of Interest in Management of Assets, Making False Statements & Forwarding Email Correspondence from Singapore MAS to Ng Yu Zhi, Who is Envy Founder & Currently on Bail for $1.1 Billion Singapore Nickel Trading Fraud, Envysion Wealth Management Had Invested at Least $35 Million in Envy
7th March 2024 – A Singapore court has issued charges against ex-Citi, UBS, Julius Baer & EFG top private banker & ex-CEO of Envysion Wealth Management (now known as Hui Xun Asset Management) Shim Wai Han, Envysion ex-CIO Doo Chun Ki and ex-COO Tan Kay Siong for various offences including failure in risk management, failure to mitigate conflicts of interest in management of assets, making false statements & forwarding email correspondence from Singapore MAS (Monetary Authority of Singapore) to Ng Yu Zhi, who is Envy founder & currently on bail for $1.1 billion Singapore nickel trading fraud. Singapore central bank Monetary Authority of Singapore (MAS) had previously reported Envysion Wealth Management lost at least $35 million in Envy (Singapore alleged $1.1 billion nickel trading fraud by Ng Yu Zhi). In 2021, Ng Yu Zhi was arrested for alleged $1.1 billion (S$1.46 billion) nickel trading fraud after a probe in 2020 by Singapore authorities (Commercial Affairs Department), promising returns averaging 15% every 3 months or 60% a year. Envy would buy nickel from Australian supplier Poseidon, and will be sold to otherr parties including BNP Paribas and Singapore-based trading company Raffemet. The prosecution said that the companies (Envy) did not purchase any nickel and the forward contracts did not exist, and the documents were forged. Ng Yu Zhi, a Singaporean, was reported to lead a lavish lifestyle with monthly expenses of around $2 million. His expenses include flying on private jet, butler & chauffeur services, nightclubs, luxury cars including a the only Pagani Huayra Italian supercar in Singapore and a Porsche 911 GT3. Investors in Ng Yu Zhi nickel trading schemes include high profile lawyers and investment managers including Chairman Vickers Capital (Venture Capital) Finian Tan ($19.2 million), Temasek General Counsel Pek Siok Lan ($5.5 million), former Singapore Law Society President Thio Shen Yi and Criminal lawyer Sunil Sudheesan. More info & Singapore MAS announcement below:
Singapore Court Issues Charges Against Ex-Citi, UBS, Julius Baer & EFG Top Private Banker & CEO of Envysion Wealth Management, Envysion CIO & COO for Various Offences
Singapore MAS (7/3/24) – The former Chief Executive Officer (CEO) of Envysion Wealth Management Pte Ltd (Envysion), currently known as Hui Xun Asset Management Pte Ltd, Ms Shim Wai Han, and its former directors (former Chief Investment Officer, Mr Doo Chun Ki and former Chief Operating Officer and Chief Compliance Officer, Mr Tan Kay Siong) were charged in court today for offences under the Securities and Futures (Licencing and Conduct of Business) Regulations (SF(LCB)R) and the Securities and Futures Act (SFA). Envysion was a holder of a capital markets services licence for fund management and manager of the Envysion Global Investments VCC which established the Envysion Commodity Strategy Fund (Fund).
MAS’ investigations found that Ms Shim, Mr Doo and Mr Tan had allegedly connived in Envysion’s failure to put in place an appropriate risk management framework in respect of the assets under management of the Fund. Ms Shim, Mr Doo and Mr Tan had also allegedly connived in Envysion’s failure to mitigate conflicts of interest related to loans received by Ms Shim and referral fees received by Envysion for investing into a company Envy Global Trading Pte Ltd through the Fund.
Details of the charges against the individuals are as follows:
Ms Shim Wai Han, former Chief Executive Officer
- One count of regulation 13B(1)(a) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to put in place an appropriate risk management framework for the Fund.
- One count of regulation 13B(1)(e) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to mitigate conflicts of interest arising from the management of the assets in respect of the Fund.
- One count of section 26(1)(c) of the Financial Advisers Act (FAA) for making false statements in connection with the provision of a financial advisory service.
- Two counts of section 5(1) of the Official Secrets Act (OSA) for forwarding email correspondence between MAS and Envysion, to Ng Yu Zhi, a former director of Envy Global Trading Pte Ltd.
Mr Doo Chun Ki, former Chief Investment Officer
- One count of regulation 13B(1)(a) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to put in place an appropriate risk management framework for the Fund.
- One count of regulation 13B(1)(e) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to mitigate conflicts of interest arising from the management of the assets in respect of the Fund.
Mr Tan Kay Siong, former Chief Operating Officer and Chief Compliance Officer
- One count of regulation 13B(1)(a) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to put in place an appropriate risk management framework for the Fund.
- One count of regulation 13B(1)(e) of the SF(LCB)R read with section 331(1) of the SFA for conniving in Envysion’s failure to mitigate conflicts of interest arising from the management of the assets in respect of the Fund.
If convicted, they face the following punishment:
- For each charge under regulation 13B(1)(a) of the SF(LCB)R read with section 331(1) of the SFA, a fine of up to $50,000.
- For each charge under regulation 13B(1)(e) of the SF(LCB)R read with section 331(1) of the SFA, a fine of up to $50,000.
- For each charge under section 26(1)(c) of the FAA, imprisonment for a term of up to 12 months, or a fine of up to $50,000, or both.
- For each charge under section 5(1) of the OSA, imprisonment for a term of up to 2 years and a fine of up to $2,000.
Additional Information:
Securities and Futures (Licencing and Conduct of Business) Regulations (SF(LCB)R)
Regulation 13B(1)(a) SF(LCB)R
Regulation 13B(1)(a) of the Securities and Licencing and Conduct of Business) Regulations states that “Without prejudice to regulation 13, the holder of a capital markets services licence for fund management shall put in place a risk management framework (that identifies, addresses and monitors the risks associated with assets under its management) which is appropriate to the nature, scale and complexity of the assets.”
Regulation 13B(1)(e) SF(LCB)R
Regulation 13B(1)(e) of the Securities and Licencing and Conduct of Business) Regulations states that “Without prejudice to regulation 13, the holder of a capital markets services licence for fund management shall mitigate conflicts of interest arising from the management of assets and, where appropriate, disclose such conflicts of interest to the customer concerned.”
Securities and Futures Act (Chapter 289) (SFA)
Section 331(1) SFA
Section 331(1) of the Securities and Futures Act (Chapter 289) states that “Where an offence under this act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of an officer of the body corporate, the officer as well as the body corporate shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.”
Financial Advisers Act (Cap 110, 2007 Rev Ed) (FAA)
Section 26(1)(c) FAA
Section 26(1)(c) of the Financial Advisers Act (Chapter 110, 2007 Rev Ed) states that “A licenced financial adviser shall not make a false or misleading statement in connection with the provision of any financial advisory service, if, when he makes the statement he knows or ought reasonably to have known that the statement is false or misleading.”
Official Secrets Act (Chapter 213, 2012 Revised Edition) (OSA)
Section 5(1) OSA
Section 5(1) the Official Secrets Act (Chapter 213, 2012 Revised Edition) reads: “If any person having in his possession or control any secret official code word, countersign or password, or any photograph, drawing, plan, model, article, note, document or information which…(d) has been entrusted in confidence to him by any person holding office under the Government…, (i) communicates directly or indirectly any such information or thing as aforesaid to any foreign Power other than a foreign Power to whom he is duly authorised to communicate it, or to any person other than a person to whom he is authorised to communicate it or to whom it is his duty to communicate it;… that person shall be guilty of an offence.”
$1.1 Billion Singapore Nickel Trading Fraud: Envy Founder Ng Yu Zhi Attempted to Launder & Receive $374,000 by Selling a Singapore Shophouse to Gan Wee Pin in October 2023 & Now Faces Total of 106 Criminal Charges, Remanded for 1 Week to Assist in Money Laundering Investigation, Bail Raised from S$4 Million to S$6 Million for Flight Risk in 2023, Case to be Heard at Singapore High Court with Power to Give Jail Sentences Exceeding 20 Years
2nd February 2024 – $1.1 Billion Singapore Nickel Trading Fraud – Envy Founder Ng Yu Zhi had attempted to launder & receive $374,000 (S$500,000) by selling a shophouse in Singapore (13 Bussorah Street) to Gan Wee Pin in October 2023 and now faces a total of 106 criminal charges. Ng Yu Zhi is being remanded for 1 week to assist in the money laundering investigation. In 2023, his bail was raised from S$4 million to S$6 million for increased flight risk after the case is scheduled to be heard at the Singapore High Court with power to give jail sentences exceeding 20 years. Ng Yu Zhi is facing a total of 106 criminal charges for fraud in nickel trading investment scheme (including cheating, criminal breach of trust, forgery, fraud & money laundering). The prosecution had submitted to the Singapore High Court that Ng Yu Zhi had received a total of S$486.2 million from the S$1.46 billion collected by his 2 firms, Envy Asset Management (EAM) and Envy Global Trading (EGT). More info below
Envy Founder Ng Yu Zhi in $1.1 Billion Nickel Trading Fraud Bail Raised from S$4 Million to S$6 Million for Flight Risk, Case to be Heard at Singapore High Court with Power to Give Jail Sentences Exceeding 20 Years
21st January 2023 – Envy Global Trading founder Ng Yu Zhi who is going on trial for alleged $1.1 billion (S$1.46 billion) nickel trading fraud, had his bail raised from S$4 million to S$6 million for increased flight risk after the case is scheduled to be heard at the Singapore High Court with power to give jail sentences exceeding 20 years. Ng Yu Zhi is facing 105 criminal charges for fraud in nickel trading investment scheme (including cheating, criminal breach of trust, forgery, fraud & money laundering). The prosecution had submitted to the Singapore High Court that Ng Yu Zhi had received a total of S$486.2 million from the S$1.46 billion collected by his 2 firms, Envy Asset Management (EAM) and Envy Global Trading (EGT). More info below
Founder of Envy Asset Management & Envy Global Trading Ng Yu Zhi
In 2021, Ng Yu Zhi was arrested for alleged $1.1 billion (S$1.46 billion) nickel trading fraud after a probe in 2020 by Singapore authorities (Commercial Affairs Department), promising returns averaging 15% every 3 months or 60% a year. Envy would buy nickel from Australian supplier Poseidon, and will be sold to otherr parties including BNP Paribas and Singapore-based trading company Raffemet. The prosecution said that the companies (Envy) did not purchase any nickel and the forward contracts did not exist, and the documents were forged.
Ng Yu Zhi, a Singaporean, was reported to lead a lavish lifestyle with monthly expenses of around $2 million. His expenses include flying on private jet, butler & chauffeur services, nightclubs, luxury cars including a the only Pagani Huayra Italian supercar in Singapore and a Porsche 911 GT3.
Investors in Ng Yu Zhi nickel trading schemes include high profile lawyers and investment managers including Chairman Vickers Capital (Venture Capital) Finian Tan ($19.2 million), Temasek General Counsel Pek Siok Lan ($5.5 million), former Singapore Law Society President Thio Shen Yi and Criminal lawyer Sunil Sudheesan. Singapore central bank Monetary Authority of Singapore (MAS) also reported Envysion Wealth Management lost at least $35 million.
Singapore Central Bank MAS Statement – Envy Asset Management and Envy Global Trading Not Licensed by Singapore MAS
2021 March – Referring to the charges of cheating and fraudulent trading brought in the State Courts against Ng Yu Zhi, a director of Envy Asset Management Pte Ltd (EAM) and Envy Global Trading Pte Ltd (EGT), the Monetary Authority of Singapore (MAS) said that EAM and EGT are not licensed by MAS.
EAM and EGT are believed to have been engaged in an investment fraud scheme between October 2017 and February 2021 involving the purported trading of nickel. Firms that deal in or invest funds for qualified investorsIncludes (i) accredited investors (e.g. individuals with more than $2 million in net personal assets) and (ii) institutional investors (e.g. financial institutions). in physical assets (i.e. not capital markets productsRefers to securities, units in collective investment schemes (e.g. funds and unit trusts), derivatives contracts and spot foreign exchange contracts (for purposes of leveraged trading).) are not required to be licensed by MAS. This approach is broadly similar to that taken in other major financial centres. MAS is nevertheless examining EAM’s and EGT’s investment documents and other available evidence to see if they have been engaging in capital markets products or in any activity that would have required the two firms to obtain a MAS licence.
On 19 March 2020, MAS had placed EAM on the Investor Alert List, to highlight that EAM may have been wrongly perceived as being licensed by MAS. MAS had received public feedback that EAM had told customers that it was in the process of applying for a licence from MAS, when in fact no such application had been submitted. MAS subsequently received further information on transactions carried out by EAM, as well as its related entity, EGT. MAS conducted a deeper review and shared its findings with the Commercial Affairs Department (CAD).
Mr Ng is alleged to have cheated Envysion Wealth Management Pte Ltd (EWMPL) and its founder and CEO, Shim Wai Han, of at least $48 million. EWMPL is a MAS-licensed fund manager. Following CAD’s commencement of investigations into EGT in February 2021, MAS issued directions to EWMPL to:
- cease accepting new monies for investment into EGT’s nickel scheme;
- inform affected investors of the Police investigation into EGT and the fund’s status; and
- appoint an independent third party to oversee all transactions of the fund’s bank accounts.
MAS is closely monitoring EWMPL’s implementation of the directions, to ensure that investors are treated fairly.
MAS is also conducting a supervisory review of EWMPL to ascertain if there have been governance or risk management failures by its board and senior management. MAS expects licensed fund managers to practise robust governance to safeguard the interest of their investors. This includes performing proper due diligence before undertaking investments and addressing concentration and other risks to investors.
Notwithstanding that EAM and EGT are not licensed by MAS, MAS is concerned with the scale of the alleged investment fraud scheme. MAS, CAD and MoneySense have repeatedly advised investors to be aware of the risks of dealing with entities that are not regulated by MAS. MAS is working closely with CAD to ascertain the number of individuals and companies that may have suffered losses. The Singapore authorities will continue to work together to take swift action against persons suspected of perpetrating fraudulent activity.
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