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Andrew Forrest has launched a takeover bid that will give him control of a high-grade nickel project in Canada as he looks to establish himself in the region and become a major force in battery metals independent of his multi-billion dollar iron ore interests.
Toronto Stock Exchange-listed Noront’s assets include Canada’s highest grade nickel discovery since Vale-owned Voisey’s Bay. The Forrest camp has signalled it is willing to bankroll development of the discovery along with other projects in a region known as the Ring of Fire.
Tattarang-controlled Wyloo Metals has pitched its takeover offer at C31.5¢ a share, which represents a 31 per cent premium on the last closing price and a 90 per cent premium from when Wyloo acquired its initial stake last December.
Wednesday, 21 Apr 2021 09:19 AM MYT
Ng Yu Zhi arriving at the State Courts on April 20, 2021. TODAY pic
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SINGAPORE, April 21 The former managing director of commodities trader Envy Global Trading, who is alleged to be behind one of the largest financial fraud cases here, was charged yesterday with five more cheating offences involving about S$8.8 million (RM27.3 million).
Ng Yu Zhi, 34, was first hauled to court last month. He then faced four charges of cheating and being a party to fraudulent trading in connection with a nickel trading scheme that raised at least S$1 billion from investors.
Businessman in billion-dollar nickel investment fraud case faces new cheating charges involving S$8 million Toggle share menu
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Businessman in billion-dollar nickel investment fraud case faces new cheating charges involving S$8 million
Ng Yu Zhi arriving at the State Courts on Apr 20, 2021. (Photo: TODAY/Ili Nadhirah Mansor)
20 Apr 2021 05:50PM) Share this content
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SINGAPORE: The director of two companies at the centre of massive investment fraud allegations related to the sale and purchase of nickel was charged on Tuesday (Apr 20) with five more counts of cheating involving at least S$8 million.
Ng Yu Zhi ran Envy Asset Management and Envy Global Trading, allegedly raising money from investors to purchase nickel from Poseidon Nickel Limited and tricking the investors to buy in to a portion of receivables from Envy Global Trading s sale of nickel through forward contracts.
Trading Wunderkind s Alleged $740 Million Fraud Jolts Singapore bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.
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A Singapore trader has been charged with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist (file photo).
At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: his lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore s moneyed classes, Ng was charged last month with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist.