July 07, 2021
published at 12:46 AMReuters
Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore, on April 20, 2021.
Reuters
SINGAPORE, July 6 - A Singapore court has tightened bail conditions for a businessman accused of involvement in a bogus, billion-dollar nickel trading scheme after the prosecution said plans were afoot to help him flee the country.
Ng Yu Zhi, a former managing director of trading companies Envy Global Trading (EGT) and an inactive firm, Envy Asset Management, has been implicated by authorities in a fraudulent scheme that raised at least $1.5 billion from investors.
The prosecution said police had uncovered a plot involving at least three people to help Ng escape the city-state by land or sea, although the investigations did not show the extent of Ng's involvement.