Envy Global Trading Removes Managing Director Ng on Police Probe
(Bloomberg) -- Singaporean businessman Ng Yu Zhi, who was charged earlier this week over his alleged involvement in cheating investors through fake deals, has been removed from his managing director role at Envy Global Trading Pte.
An independent interim management committee has been established to ensure Envy Global Trading continues to meet its obligations to clients in full cooperation with the authorities, the commodities trader said in a statement Saturday. It didn’t identify members of the committee.
Ng was charged with four counts of fraud on Monday. He was accused of involvement in deceiving investors into putting at least S$1 billion ($743 million) into nickel deals that never took place. Of the money that was invested in Envy Global Trading and Envy Asset Management Pte., where Ng served as director, S$300 million was transferred to Ng’s personal account while an estimated S$200 million remained unaccounted for, a court heard.
Envy Asset Management is no longer active, an external representative of Envy Global Trading said in February.
Ng has appointed lawyers to address the charges against him, and Envy Global Trading has separately appointed lawyers to protect its interests, according to the statement. Singapore’s white-collar crime police has seized S$100 million of assets from Ng, who was released on a S$1.5 million bail. The case is adjourned to May 17.
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