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(Bloomberg Businessweek) -- Not long after the novel coronavirus arrived in Singapore, forcing the hyperconnected city-state to shut its borders for the first time, a rumor circulated among its many wealthy people—and among others who weren’t so well-off.
Three of the Envy companies and the liquidator team filed the suit against Ng Yu Zhi and three other people.. Read more at straitstimes.com.
Article content Ng Yu Zhi, 34, was responsible for outflows of S$475 million (US$352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ongoing. We apologize, but this video has failed to load. Try refreshing your browser, or Singaporean allegedly swindled $352 million for jet-set life in country's largest fraud case Back to video N...
Jul 03 2021, 9:51 AM July 02 2021, 7:36 PM July 03 2021, 9:51 AM (Bloomberg) -- The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts. (Bloomberg) -- The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts. Ng...
SINGAPORE - Singapore firms accused of being involved in a $1.1-billion bogus nickel trading scheme should be placed in liquidation as there was no business to be preserved, interim judicial managers at accounting firm KPMG have said in a document seen by Reuters. Authorities in the city state have implicated Ng Yu Zhi, a former managing director of trading companies...