Alleged billion-dollar nickel trading scammer Ng Yu Zhi fails to make $6m bail

SINGAPORE – Accused nickel trading scammer Ng Yu Zhi remains in remand after he failed to raise another $2 million to make full bail of $6 million on Friday.

Ng, the founder of Envy Global Trading and Envy Asset Management, faces 105 criminal charges for his alleged involvement in

a nickel trading scam that allegedly cheated investors out of US$1.1 billion (S$1.45 billion).

He has been in remand since Jan 19 after his bail was increased and he was not able to immediately secure the additional funds to make full bail.

On Friday, District Judge Terence Tay varied the bail conditions to allow for more options regarding sureties after Ng’s lawyer applied for a bail review.

Dentons Rodyk & Davidson partner Navindraram Naidu, who represents Ng, sought and was granted the court’s permission for bail to be furnished with two sureties in the proportion of $4 million and $2 million respectively.

This is in addition to the options granted for the $6 million bail to be furnished with one surety, or with two sureties of $3 million each.

Mr Naidu said: “The purpose of the application for bail review is (to vary) the permutation regarding sureties... His bailor is trying to raise bail. We are seeking this (additional) option so there won’t be undue delay of his release from remand.”

Ng’s bail was raised

after the State Court took into account “the disclosure of substantial assets overseas and that (Ng) has access to the funds... and the fact that the monies are unaccounted for”.

In issuing fresh court bail conditions on Friday, the judge added: “The accused must not be a surety... and is to report to the investigation officer from CAD (Commercial Affairs Department) every Monday at 10.30am. He is to be e-tagged and is not to enter exclusive zones. The sureties are to declare the source of funds... to determine if they are suitable or not.”

The $6 million bail amount is a record, according to some lawyers, and underscores Ng’s role in one of Singapore’s biggest investment frauds. About 1,000 investors sank their money into the scheme, which touted average quarterly gains of 15 per cent.

The prosecution in submissions on Jan 19 said that Ng received a total of $486.2 million out of the $1.46 billion taken in by his two companies accused of the fraudulent trading. “To date, investigations confirm that a significant portion of these monies remains unrecovered,” it said.

The High Court in May 2022 cleared the way for liquidators to pursue hundreds of millions of dollars allegedly transferred wrongfully into Ng’s personal accounts.

This comes after

Ng and three others were

sued in the High Court

in November 2021 by the liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million from his personal assets.

Ng, 35, was arrested in February 2021 and charged with cheating, criminal breach of trust, forgery, fraudulent trading and money laundering. He was made a bankrupt in December 2022.

Deemed the “main protagonist in a large-scale fraud”, he now faces the prospect of more than 20 years jail if convicted, after his criminal case was transferred to the High Court. The High Court can issue sentences that exceed the District Court’s maximum sentencing jurisdiction of 20 years.

That Ng faces a sentence that could far exceed 20 years now that his case is to be heard by the High Court and has access to overseas assets of about $107 million held mostly by various individuals in China, translates to a potential increase in flight risk, Deputy Public Prosecutor Gordon Oh told the court last month.

The first case conference for the High Court to set timelines and give further directions is expected to take place on March 31.