SINGAPORE – The High Court trial of businessman Ng Yu Zhi commenced on 26 November 2024, embroiling the 37-year-old in a bizarre case that has captured the nation’s attention. Ng faces a staggering total of 108 charges, primarily stemming from an alleged multi-billion dollar fraudulent nickel investment scheme.
Allegations Against Ng
According to the prosecution, Ng deceived investors, including some well-known financiers, into pouring in around S$1.46 billion to fund transactions in physical nickel that never occurred. Promised returns of 15% over three months simply vanished into thin air.
Details of the Charges
- 10 counts of cheating
- 15 counts of forgery
- 1 count of criminal breach of trust
- 14 counts of money laundering
- 2 counts of fraudulent trading
Prosecutors are proceeding with 42 of the 105 charges related to the nickel scheme in this trial phase.
Ng’s Legal Journey
Ng’s legal woes began in March 2021, and since then, he has undergone multiple remands and changes of legal counsel, currently represented by a team including Mr Hassan Almenoar and Ms Diana Foo. After being declared bankrupt in December 2022 due to debts from his companies, Ng was remanded again in January 2024, struggling to secure bail amidst new charges.
Trial Progress and Tactics
On the trial’s opening day, the atmosphere was tense, with the prosecution accusing the defence of drawing out proceedings unnecessarily. Ng appeared in court with a topknot hairstyle, seemingly unfazed as charges were read out for over an hour.
His defence’s application to force the prosecution to proceed with all charges was dismissed by Judicial Commissioner Christopher Tan, who labelled the application a waste of time. In fact, the judge asserted that standing down charges is a common practice within Singapore’s legal framework.
What Lies Ahead?
More than 50 trial days have been set aside, with the case expected to resume in February 2025. The prosecution plans to present several witnesses, delving further into the allegations as the courtroom drama unfolds.
As the saga continues, the spotlight remains on Ng, turning the spotlight not only on his fate but also on the larger implications for investor trust in Singapore’s financial landscape.