Luxury cars among $100m of assets seized from Envy director involved in alleged $1b fraud

Industry sources valued Ng's Pagani Huayra - the only one in Singapore - at between $7 million and $8 million.
Industry sources valued Ng's Pagani Huayra - the only one in Singapore - at between $7 million and $8 million.PHOTO: LIANHE ZAOBAO

SINGAPORE - A multimillion-dollar Pagani Huayra supercar owned by beleaguered businessman Ng Yu Zhi was among the $100 million worth of assets seized by the Commercial Affairs Department (CAD), The Straits Times understands.

Ng, the 33-year-old director of Envy Asset Management and Envy Global Trading, was charged last week with two counts of cheating fund management firm Envysion Wealth Management and its chief executive, Ms Shim Wai Han, of at least $48 million.

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