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Investors 'unlikely to recover funds' in billion-dollar Singapore nickel fraud case


Lee Si Ye, deputy managing director of Envy Group – a cluster of Singapore-based companies
accused by state police of defrauding investors – says in court documents seen by
GTR that the companies are “likely to become unable to pay their debts as they fall due”.
The scheme involved Envy Group companies purchasing nickel at a discount from Australia-based supplier Poseidon, which would then be sold onto other parties including BNP Paribas and Singapore-based trading company Raffemet, Lee says.
The majority of the receivables from those on-sales would be sold onto investors, who were offered returns of around 15%. In effect, Lee says, those investors were providing Envy with funds used to purchase nickel, with the opportunity to withdraw or roll over profits after 30 days. ....

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Dublin-headquartered TechMet raises $120m, seeking a further $250m


Dublin-headquartered TechMet raises $120m, seeking a further $250m
Company invests in rare metals used in electric vehicles and tech products
about 3 hours ago
 
TechMet, a Dublin-headquartered company that invests in assets that produce rare metals, has raised $120 million (€83 million) and intends to secure a further $250 million in the coming months.
The company was founded in 2017 by British/South African metals industrialist, Brian Menell, who also leads Kemet Group, a company focused on developing natural resource projects across sub-Saharan Africa.
TechMet invests in assets that produce metals for which global demand will vastly outweigh supply as the world moves to clean energy technologies. Among the metals it is focused on are lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium. Many of these metals are used in solutions such as electric vehicles and renewable energy systems. ....

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