The liquidators of alleged nickel fraudster Ng Yu Zhi’s three companies are seeking a court order to recover about S$855 million (US$637 million) from Ng and three others, the Straits Times (ST) reported. 

Ng, together with ex-directors Lee Si Ye and Ju Xiao and ex-employee Cheong Ming Feng, were sued in November 2021 by the liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings, in a bid to recover millions of investors’ monies, according to the newspaper. 

The civil trial of the case began on July 30 at Singapore’s High Court. Ng, who is in remand, did not appear in court for the trial, ST said. 

The Singaporean businessman was prosecuted for allegedly raising funds from investors for nickel trades that didn’t exist, Bloomberg reported in 2021. Hundreds of investors had put their money into the alleged US$1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted average quarterly gains of 15%. 

  - Bloomberg