Ng Yu Zhi allegedly lived lavishly on gains from scam

More than $481m channeled to his personal bank accounts, says prosecutor

- Selina Lum

Prosecutors on Nov 27 set out their case against businessman Ng Yu Zhi, accusing him of masterminding a scheme that had 947 investors invest a total of $1.46 billion in a nickel trading venture that was little more than fiction.

Deputy Public Prosecutor Gordon Oh told the High Court that the investors were convinced to invest in Ng's companies, Envy Asset Management (EAM) and Envy Global Trading (EGT), after he falsely claimed that his firms could buy nickel from an Australian mine at a discount and sell the metal for a sizeable profit.

In reality, no nickel was purchased or sold by the Envy companies. The companies paid earlier investors with the funds put in by other investors.

Out of the $1.46 billion paid to his two companies, more than $481 million was channeled to Ng's personal bank accounts, said the prosecutor.

DPP Oh added that the 37-year-old used the invested funds to finance his lavish lifestyle.

Ng is said to have paid more than $20 million for four properties and bought expensive jewelry and cars, including a Pagani Huayra Coupe, Porsche 911 GT3, Rolls-Royce Phantom, Lamborghini Aventador SVJ, and an Aston Martin Rapide.

In order to spin a convincing tale, Ng lent credibility to this fraud by forging several key documents, said the prosecutor.

"The prosecution will show that this pretty picture of a profitable physical nickel trading business was but pure fiction," said DPP Oh.

Ng faces 108 charges, for offenses including cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.