SINGAPORE — The high-profile trial of Ng Yu Zhi, accused of orchestrating a staggering nickel-trading scam that reportedly defrauded investors of S$1.46 billion, reached its conclusion on 7 July 2024. In a surprising twist, Ng opted not to take the stand, leaving his fate in the hands of the court.
Trial Developments
Judicial Commissioner Christopher Tan urged Ng, 38, to consider testifying to present his defence against the multitude of accusations. After consulting with his legal team — comprised of Mr Nichol Yeo and others — he decided to remain silent, fully aware that this could lead to an adverse inference against him.
Background of the Scam
- Ng is accused of luring hundreds of investors, including lawyers and financiers, by promoting non-existent nickel trading through his firms, Envy Asset Management and Envy Global Trading.
- The prosecution alleges the scheme started in February 2016 and continued for about five years, during which Ng raised funds under false pretenses.
- Investors were reportedly paid returns using money from new investors, highlighting the Ponzi-like nature of the operation.
Lavish Lifestyle Funded by Fraud
As the trial unfolded, prosecutors presented evidence of Ng’s extravagant lifestyle, claiming he funneled millions into luxury cars, artwork, property, and fine jewellery, drawing S$201.2 million into his personal accounts.
Legal Proceedings
Ng faces a total of 108 charges, which include cheating, forgery, and criminal breach of trust. While 42 of these charges were addressed in the current trial, another 66 charges remain outstanding. The court is set to receive closing submissions from both the prosecution and defence, with a verdict anticipated later this year.
Future Proceedings
Ng was declared bankrupt in December 2022 and has been in custody since 7 February 2024, following a breach of his bail conditions. His recent attempts to secure bail were denied, with the judge citing him as a potential flight risk.
The trial has attracted considerable attention, reflecting the serious implications of financial fraud in Singapore, where investor protection and financial integrity remain a priority.