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Nickel trading scam
Way cleared for liquidators in case against Ng Yu Zhi
Court rules that they can pursue hundreds of millions of dollars allegedly transferred wrongfully to businessman
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A court ruling has cleared the way for liquidators to pursue hundreds of millions of dollars allegedly transferred wrongfully into the personal accounts of businessman Ng Yu Zhi in a nickel trading scam that has become one of Singapore's biggest investment frauds.
Ng and three others were sued in the High Court last November by the liquidators of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million (S$24.3 million) from his personal assets.
