Investors 'unlikely to recover funds' in billion-dollar Singapore nickel fraud case
Lee Si Ye, deputy managing director of Envy Group – a cluster of Singapore-based companies accused by state police of defrauding investors – says in court documents seen by GTR that the companies are “likely to become unable to pay their debts as they fall due”. The scheme involved Envy Group companies purchasing nickel at a discount from Australia-based supplier Poseidon, which would then be sold onto other parties including BNP Paribas and Singapore-based trading company Raffemet, Lee says. The majority of the receivables from those on-sales would be sold onto investors, who were ...
Source: gtreview.com