Ex-NLB manager gets jail for taking S$581,700 in bribes, among highest sums in public sector corruption Toggle share menu
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Ex-NLB manager gets jail for taking S$581,700 in bribes, among highest sums in public sector corruption
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Ex-NLB manager gets jail for taking S$581,700 in bribes, among highest sums in public sector corruption
Low Pok Woen (left) and Ivan Koh Siong Wee leaving the State Courts on Aug 4, 2020. (Photo: TODAY/Ili Nadhirah Mansor)
29 Apr 2021 06:50PM) Share this content
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SINGAPORE: A former manager at the National Library Board (NLB) was sentenced to jail and a monetary penalty on Thursday (Apr 29) for taking about S$581,700 in bribes over four years from a former employee of his who supplied resources to the statutory board.
Ng Yu Zhi now faces a total of 11 counts of cheating, fraudulent trading and forgery involving about $57 million. - ST
SINGAPORE (The Straits Times/ANN): A Singaporean businessman linked to an alleged fraud involving more than S$1 billion is facing two more charges for forging bank documents.
Ng Yu Zhi, 34, is accused of fabricating two electronic records one of a US$60 million ($79.5 million) bank transfer and the other, US$302 million that was purportedly the balances of his company s bank account.
With the latest charges, Ng now faces a total of 11 counts of cheating, fraudulent trading and forgery.
Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, is said to have raised the money from investors, purportedly to finance nickel trading.
The former chief financial officer (CFO) of a crude oil products supplier admitted in a district court yesterday that he worked with three alleged accomplices to dupe eight banks into disbursing about US$320 million (S$424 million) in loans.
Prosecutors said this complex, elaborate and nefarious financial fraud by Ong Ah Huat and his alleged accomplices caused China Merchant Bank (CMB) Singapore to suffer losses totalling about US$10 million.
The seven other banks are in Hong Kong - including Standard Chartered Bank (Hong Kong) and OCBC Ltd (Hong Kong) - and court documents did not disclose the amount of losses they incurred.
The Straits Times
S pore businessman Ng Yu Zhi, linked to alleged fraud of record $1 billion, hit with 2 more charges
Ng Yu Zhi now faces a total of 11 counts of cheating, fraudulent trading and forgery involving about $57 million.ST PHOTO: KELVIN CHNG
https://str.sg/JFe6
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