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A nickel miner, backed by Andrew Forrest, has become ensnared in a $1 billion fraudulent trading scheme that is being investigated by Singapore authorities.

Poseidon Nickel completes Golden Swan drill drive with resource definition drilling underway Further drilling of the highly prospective Southern Terrace will be undertaken from the new drill drive and two rigs are in position with the 13,000-metre resource definition program underway. The completed Golden Swan drill drive with first nickel production anticipated in 2022. Poseidon Nickel Ltd (ASX:POS) (OTCMKTS:PSDNF) (FRA:NYG) has completed the 465-metre Golden Swan drill drive at its Black Swan Project and started a 13,000-metre resource definition drilling program. Contractor ...

Suhaimi Abdullah/Getty Images A Singapore trader has been charged with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn't exist (file photo). At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: his lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore's moneyed classes, Ng was char...

SHARE At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Mr Ng also had a dark secret: His lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore’s moneyed-classes, Mr Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($740m) from investors for commodity trades that didn’t exist. The police have called it one of the city...

In a case that has riveted the island nation’s moneyed classes, prosecutors allege a 33-year-old trader stole hundreds of millions from clients, blowing it on a $US5 million supercar and other trappings.