Envy ex-director's eateries - one shut, two up for sale

Banks shut accounts linked to the man charged with cheating over 400 investors

Contractors clearing stuff from the almost empty Cicada restaurant in Clarke Quay yesterday. The restaurant, which opened early last year, had the Chinese name "Yu Jian Li" - which means "having met Li". It was apparently a gift from Ng Yu Zhi to one
Contractors clearing stuff from the almost empty Cicada restaurant in Clarke Quay yesterday. The restaurant, which opened early last year, had the Chinese name "Yu Jian Li" - which means "having met Li". It was apparently a gift from Ng Yu Zhi to one of his close Chinese female friends Li Qiong. ST PHOTO: LIM YAOHUI

It cost $1.5 million to set up but Cicada, a trendy 4,000 sq ft restaurant-cum-live music lounge that is linked to troubled businessman Ng Yu Zhi, is now being wound up after banks started shutting accounts linked to him.

Two other food and beverage businesses - Japanese omakase restaurant Nishikane and sake "japas" bar Sake Labo - where Ng is a major shareholder, have also been put up for sale.

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A version of this article appeared in the print edition of The Sunday Times on August 01, 2021, with the headline 'Envy ex-director's eateries - one shut, two up for sale'. Subscribe