SINGAPORE (BLOOMBERG) – Singaporean businessman Ng Yu Zhi, who’s on the centre of an alleged US$1.1 billion (S$1.5 billion) nickel buying and selling rip-off, was sued by the liquidators of his Envy Group for damages totalling about $517.4 million, in accordance with a court docket doc.
Three of the Envy corporations and the liquidator group led by Mr Bob Yap of KPMG Singapore filed the swimsuit towards Mr Ng and three different individuals on Nov 19, in accordance with the doc, which listed the character of the case as insolvency.
Mr Ng, 34, faces 69 prices within the case that has riveted Singapore’s moneyed class after his February arrest. Among the many allegations is that he raised no less than $1.46 billion in what authorities have known as one of many city-state’s largest-ever suspected funding fraud schemes.
Lots of of buyers, from businessmen and high authorized professionals to financiers and footballers put their cash into the scheme, which touted common quarterly features of 15 per cent.
The Excessive Court docket accredited a wind-up of Envy World Buying and selling and its sister companies in August. The businesses had been based by Mr Ng, who additionally had the controlling stake in all of them. Mr Ng stays on bail and has not pleaded responsible. Mr Ng declined to remark. Mr Yap didn’t instantly remark.
Together with Mr Ng, Ms Lee Si Ye, an Envy shareholder, was additionally named within the court docket doc. Mr Ju Xiao and Mr Cheong Ming Feng, former Envy workers, are the third and fourth defendants.