(Bloomberg Businessweek) Not long after the novel coronavirus arrived in Singapore, forcing the hyperconnected city-state to shut its borders for the first time, a rumor circulated among its many wealthy people and among others who weren’t so well-off.
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Ng Yu Zhi, 34, was responsible for outflows of S$475 million (US$352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ongoing.
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Ng spent about S$2 million a month to fund his lifestyle, which included the services of a butler and chauffeur, and expenditure on alcohol, hotel rooms and at fine dining restaurants, the report showed. He made “significant monetary gifts to close associates,” it said.
Jul 03 2021, 9:51 AM
July 02 2021, 7:36 PM
July 03 2021, 9:51 AM
(Bloomberg) The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts.
(Bloomberg) The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts.
Ng Yu Zhi, 34, was responsible for outflows of S$475 million ($352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ongoing.
Singaporean allegedly swindled US$352 million for jet-set life thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.