Investors file suits to claim $50m from Envy Global and director

Nickel trading firm linked to alleged $1b fraud placed under interim judicial management

A photo of Envy Global Trading's office taken in February. The firm's director, Ng Yu Zhi, is accused of involvement in deceiving investors into putting at least $1 billion into nickel deals that never took place. He has been charged with at least 11
A photo of Envy Global Trading's office taken in February. The firm's director, Ng Yu Zhi, is accused of involvement in deceiving investors into putting at least $1 billion into nickel deals that never took place. He has been charged with at least 11 counts of cheating, fraudulent trading and forgery.PHOTO: REUTERS

At least four lawsuits have been filed in court by investors seeking to claim some $50 million from Envy Global Trading and its director Ng Yu Zhi. The nickel trading firm and Ng, 33, have been linked to an alleged fraud involving $1 billion. This is a record for financial fraud cases in Singapore.

On April 27, the High Court granted applications by the Envy group of companies - Envy Global Trading, Envy Asset Management and Envy Management Holdings - for the group to be placed under interim judicial management.

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A version of this article appeared in the print edition of The Straits Times on May 05, 2021, with the headline 'Investors file suits to claim $50m from Envy Global and director'. Subscribe