A S$7 million Pagani supercar, a 20-carat yellow diamond, an S$8 million home: accused nickel fraudster Ng Yu Zhi shows you how to spend it
[SINGAPORE] How do you spend S$1.5 billion? Alleged nickel fraudster Ng Yu Zhi definitely has some ideas.
Ng, who is on trial for 42 charges including cheating, criminal breach of trust and money laundering, is accused of leading a nickel-trading scam through his companies for six years, collecting nearly S$1.5 billion from 947 investors including high-profile financiers.
From a 20-carat yellow diamond to a S$7 million Pagani supercar, these are some of his excesses allegedly using other people's money.
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Business Times
2 days ago
- Business Times
OCBC stays the course on climate commitment
[SINGAPORE] The global effort to combat climate change has faced significant headwinds in recent years. Under the Trump administration, the US withdrew from the Paris Agreement, a landmark international treaty to tackle climate change. More recently, several major financial institutions, including American and Japanese banks, exited the Net-Zero Banking Alliance, a coalition committed to aligning banking practices with net-zero greenhouse gas emissions by 2050. Despite this shifting landscape, OCBC remains committed to its decarbonisation agenda. 'For OCBC, our position remains the same because climate change is still a real issue based on science, and it is our responsibility to be part of the solution as a connector of capital,' says OCBC's group chief sustainability officer Mike Ng. The bank offers strategic advisory, innovative financial solutions and ecosystem partnerships to help large corporations, small and medium enterprises (SMEs), and retail investors achieve their sustainability goals. Ng acknowledges that the journey to net zero is fraught with challenges and 'will never be linear'. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Nevertheless, he stresses that OCBC's commitment to sustainability is not an 'academic exercise' but a long-term business strategy for the bank that shapes its portfolio and guides how it supports industries and clients in their green transition. While climate efforts globally may appear to be losing momentum, Ng believes that significant opportunities remain in the transition to net zero, particularly in Asia. A World Economic Forum white paper from 2023 estimated that climate adaptation and mitigation initiatives in Asia could unlock an additional US$4.3 trillion in revenue and create 232 million new jobs in the region by 2030. Ng points out that industries such as renewable energy and electric vehicles have already achieved commercial viability, and that some OCBC clients are actively increasing their investments in these areas across the bank's key markets. These markets include China, which has emerged as a green industry powerhouse. The country added 373 gigawatts of renewable energy capacity in the past year and now accounts for more than 70 per cent of global EV production. In 2024 alone, it exported nearly 1.25 million electric cars. Investments are also being made in emerging technologies. In 2024, OCBC participated in the project financing of a large-scale carbon capture and storage (CCS) project in the UK. CCS technologies are currently being explored in various markets in Asia. The business case for sustainability Ng cautions that the risks of inaction against climate change remain high, especially in Asia, which is expected to bear the brunt of the physical consequences of climate change. 'We need to continue to pay attention, especially from a loan portfolio perspective, as part and parcel of sound risk management,' he says. Ng notes that despite the broader global turn against decarbonisation, governments in the region remain focused on the transition. For example, in the markets where OCBC operates, policymakers continue to promote regulations and guidelines pertaining to transition planning, sustainability reporting and sustainable financing, among others. The global backtracking by some institutions also presents a timely opportunity to take stock of current decarbonisation policies and regulations, says Ng. For example, sustainability reporting has become a 'burdensome' requirement for some firms, potentially distracting from meaningful climate action. In this context, the European Union's Omnibus package announced earlier this year aims to streamline sustainability regulations and ease compliance costs for companies, especially SMEs. Ng also calls for a reassessment of the reference pathways – which set out emission reduction targets and deadlines – for underperforming sectors. While a sector such as power is progressing well against its net-zero reference pathway due to the proliferation of renewable energy, others such as aviation and shipping are seeing slower progress due to the limited availability of green technology. This disparity suggests it may be time to recalibrate these pathways and targets. 'Because the more unrealistic those reference pathways and targets remain, the less inclined financiers, investors and businesses will be to commit to them. Without targets, it will be hard to galvanise action,' says Ng. An opportune moment for action In light of this, Ng believes it is all the more critical now to continue to encourage and support businesses to work towards their decarbonisation goals, rather than risk having them fall off the journey due to the difficulties. 'OCBC remains committed to supporting our clients in their net-zero transition and sustainability goals with financing as well as knowledge and tools,' he says. The bank supports both large corporates and SMEs through three key areas: strategic advisory, innovative financial solutions and ecosystem partnerships. For large companies, OCBC provides industry-specific advisory services, helping them quantify cost savings from undertaking emissions reduction initiatives and assess return on such investments. The bank also extends financing to help them meet their sustainability goals. Asia's partner for a sustainable future Its leadership in sustainable finance is reflected in recent accolades. With a committed sustainable finance portfolio of S$71 billion, OCBC was ranked the top Mandated Lead Arranger for Green and Sustainability Linked Loans in both Asia-Pacific (excluding Japan) and in South-east Asia by the London Stock Exchange Group last year. OCBC also ranked eighth in Environmental Finance's 2024 Sustainability Coordinators League Table, which showcases the top banks leading the charge globally in sustainability coordinator deal activity and volume. OCBC was the only Singapore bank on the list. For SMEs which lack the resources of larger firms, OCBC helps them understand the steps they can take to decarbonise and to access the capital needed to do so. For example, in February this year, OCBC partnered Enterprise Singapore to launch the OCBC SME Start-ESG Programme, which helps SMEs measure sustainability metrics, receive expert advice and access sustainability-linked loans (SLL). Last year, more than 110 SME clients received such loans – four times more than in 2023. The bank also offers unique products, such as its first-in-market OCBC 1.5 degrees Celsius loan. Unlike other SLLs whose parameters are negotiated between the client and financial institution, the OCBC 1.5 deg C loan sets 'science-based, measurable targets' for clients to lower their emissions, based on the industries they are in. Since its launch in 2023, OCBC has offered the loan to major corporates, including City Developments Limited, CapitaLand Ascott Trust and Cofco International. Beyond businesses, OCBC also supports retail investors on their sustainability journey. In February 2024, it launched the OCBC Sustainability Hub on its mobile app, allowing users to view the ESG rating of their investment portfolios. This feature helps individuals make more informed investment decisions and contribute to sustainability in a tangible way. Staying the course Ng reiterates that OCBC's net-zero commitment in its financed emissions is a 'strategic, long-term decision', aligned with the enduring nature of climate change. He acknowledges that some companies may choose to pause their green transition efforts for now, focusing on more immediate business challenges such as the impact of US tariffs. Even so, he urges businesses to view decarbonisation as an integral part of their long-term strategy. As larger corporations increasingly scrutinise the emissions of their supply chains, smaller suppliers will find it in their business interest to reduce their own emissions in order to stay competitive. Improving on their sustainability metrics also allows companies to tap into the growing pool of sustainable finance. Says Ng: 'Climate change will come back and bite us one of these days, sooner or later, in one way or another. So it's better to be prepared than not to be prepared.'
Business Times
2 days ago
- Business Times
OCBC stays the course on climate commitment despite global setbacks
[SINGAPORE] The global effort to combat climate change has faced significant headwinds in recent years. Under the Trump administration, the US withdrew from the Paris Agreement, a landmark international treaty to tackle climate change. More recently, several major financial institutions, including American and Japanese banks, exited the Net-Zero Banking Alliance, a coalition committed to aligning banking practices with net-zero greenhouse gas emissions by 2050. Despite this shifting landscape, OCBC remains committed to its decarbonisation agenda. 'For OCBC, our position remains the same because climate change is still a real issue based on science, and it is our responsibility to be part of the solution as a connector of capital,' says OCBC's group chief sustainability officer Mike Ng. The bank offers strategic advisory, innovative financial solutions and ecosystem partnerships to help large corporations, small and medium enterprises (SMEs), and retail investors achieve their sustainability goals. Ng acknowledges that the journey to net zero is fraught with challenges and 'will never be linear'. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Nevertheless, he stresses that OCBC's commitment to sustainability is not an 'academic exercise' but a long-term business strategy for the bank that shapes its portfolio and guides how it supports industries and clients in their green transition. While climate efforts globally may appear to be losing momentum, Ng believes that significant opportunities remain in the transition to net zero, particularly in Asia. A World Economic Forum white paper from 2023 estimated that climate adaptation and mitigation initiatives in Asia could unlock an additional US$4.3 trillion in revenue and create 232 million new jobs in the region by 2030. Ng points out that industries such as renewable energy and electric vehicles have already achieved commercial viability, and that some OCBC clients are actively increasing their investments in these areas across the bank's key markets. These markets include China, which has emerged as a green industry powerhouse. The country added 373 gigawatts of renewable energy capacity in the past year and now accounts for more than 70 per cent of global EV production. In 2024 alone, it exported nearly 1.25 million electric cars. Investments are also being made in emerging technologies. In 2024, OCBC participated in the project financing of a large-scale carbon capture and storage (CCS) project in the UK. CCS technologies are currently being explored in various markets in Asia. The business case for sustainability Ng cautions that the risks of inaction against climate change remain high, especially in Asia, which is expected to bear the brunt of the physical consequences of climate change. 'We need to continue to pay attention, especially from a loan portfolio perspective, as part and parcel of sound risk management,' he says. Ng notes that despite the broader global turn against decarbonisation, governments in the region remain focused on the transition. For example, in the markets where OCBC operates, policymakers continue to promote regulations and guidelines pertaining to transition planning, sustainability reporting and sustainable financing, among others. The global backtracking by some institutions also presents a timely opportunity to take stock of current decarbonisation policies and regulations, says Ng. For example, sustainability reporting has become a 'burdensome' requirement for some firms, potentially distracting from meaningful climate action. In this context, the European Union's Omnibus package announced earlier this year aims to streamline sustainability regulations and ease compliance costs for companies, especially SMEs. Ng also calls for a reassessment of the reference pathways – which set out emission reduction targets and deadlines – for underperforming sectors. While a sector such as power is progressing well against its net-zero reference pathway due to the proliferation of renewable energy, others such as aviation and shipping are seeing slower progress due to the limited availability of green technology. This disparity suggests it may be time to recalibrate these pathways and targets. 'Because the more unrealistic those reference pathways and targets remain, the less inclined financiers, investors and businesses will be to commit to them. Without targets, it will be hard to galvanise action,' says Ng. An opportune moment for action In light of this, Ng believes it is all the more critical now to continue to encourage and support businesses to work towards their decarbonisation goals, rather than risk having them fall off the journey due to the difficulties. 'OCBC remains committed to supporting our clients in their net-zero transition and sustainability goals with financing as well as knowledge and tools,' he says. The bank supports both large corporates and SMEs through three key areas: strategic advisory, innovative financial solutions and ecosystem partnerships. For large companies, OCBC provides industry-specific advisory services, helping them quantify cost savings from undertaking emissions reduction initiatives and assess return on such investments. The bank also extends financing to help them meet their sustainability goals. Its leadership in sustainable finance is reflected in recent accolades. With a committed sustainable finance portfolio of S$71 billion, OCBC was ranked the top Mandated Lead Arranger for Green and Sustainability Linked Loans in both Asia-Pacific (excluding Japan) and in South-east Asia by the London Stock Exchange Group last year. OCBC also ranked eighth in Environmental Finance's 2024 Sustainability Coordinators League Table, which showcases the top banks leading the charge globally in sustainability coordinator deal activity and volume. OCBC was the only Singapore bank on the list. For SMEs which lack the resources of larger firms, OCBC helps them understand the steps they can take to decarbonise and to access the capital needed to do so. For example, in February this year, OCBC partnered Enterprise Singapore to launch the OCBC SME Start-ESG Programme, which helps SMEs measure sustainability metrics, receive expert advice and access sustainability-linked loans (SLL). Last year, more than 110 SME clients received such loans – four times more than in 2023. The bank also offers unique products, such as its first-in-market OCBC 1.5 degrees Celsius loan. Unlike other SLLs whose parameters are negotiated between the client and financial institution, the OCBC 1.5 deg C loan sets 'science-based, measurable targets' for clients to lower their emissions, based on the industries they are in. Since its launch in 2023, OCBC has offered the loan to major corporates, including City Developments Limited, CapitaLand Ascott Trust and Cofco International. Beyond businesses, OCBC also supports retail investors on their sustainability journey. In February 2024, it launched the OCBC Sustainability Hub on its mobile app, allowing users to view the ESG rating of their investment portfolios. This feature helps individuals make more informed investment decisions and contribute to sustainability in a tangible way. Staying the course Ng reiterates that OCBC's net-zero commitment in its financed emissions is a 'strategic, long-term decision', aligned with the enduring nature of climate change. He acknowledges that some companies – particularly SMEs – may choose to pause their green transition efforts for now, focusing on more immediate business challenges such as the impact of US tariffs. Even so, he urges these businesses to view decarbonisation as an integral part of their long-term strategy. As larger corporations increasingly scrutinise the emissions of their supply chains, smaller suppliers will find it in their business interest to reduce their own emissions in order to stay competitive. Improving on their sustainability metrics also allows companies to tap into the growing pool of sustainable finance. Says Ng: 'Climate change will come back and bite us one of these days, sooner or later, in one way or another. So it's better to be prepared than not to be prepared.'
Business Times
6 days ago
- Business Times
Independent director Chua Kee Lock acquires venture shares on open market
[SINGAPORE] Over the five trading sessions from May 23 to May 29, institutions were marginal net sellers of Singapore stocks, with net institutional outflow of S$2 million compared to net outflow of S$65 million for the preceding five sessions. This keeps the net institutional outflow for the 2025 year to May 29 at S$1.73 billion. Institutional Flows Over the five trading sessions through May 29, the stocks that saw the highest net institutional outflow were SingTel , Yangzijiang Shipbuilding Holdings , Genting Singapore , CapitaLand Ascendas Reit , UOB , CapitaLand Investment , ComfortDelGro , Lendlease Global Commercial Reit , Riverstone Holdings , and Mapletree Industrial Trust . Meanwhile DBS , Singapore Exchange , ST Engineering , Singapore Airlines , Sats , Seatrium , Thai Beverage Public Co , Frasers Hospitality Trust , Keppel , and Hongkong Land Holdings led the net institutional inflow over the five sessions. From a sector perspective, telecommunications and Reits experienced the highest net institutional outflow, while financial services and industrials saw the most net institutional inflow. Share buybacks The five sessions through May 29 saw 18 primary-listed companies make buybacks with a total consideration of S$45 million. Secondary-listed Hongkong Land conducted share repurchases on four of the five sessions, with 1,563,300 shares bought at an average price of US$5.24 apiece. The manager of ESR-Reit also bought back 500,000 units of the Reit at an average price of S$2.22 per unit. Director transactions The five trading sessions spanning May 23 through May 29 saw close to 90 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs again filed 24 acquisitions and two disposals, while substantial shareholders filed 22 acquisitions and six disposals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This included director or CEO acquisitions in Cosmosteel Holdings , Edition , Far East Orchard , Ho Bee Land , Nam Cheong , Niks Professional , Q & M Dental Group (Singapore) , Samudera Shipping Line , Sinostar PEC Holdings , SunMoon Food Company , UMS Integration , Venture Corporation and Wing Tai Holdings . Q & M Dental Group (Singapore) On May 26, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.72 per cent to 53.92 per cent. The 1,882,200 shares were acquired by Quan Min Holdings at an average price of S$0.345 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. The group reported its FY2024 results in early March. Despite total revenue being comparable to FY2023, FY2024's focus on operational efficiency and cost discipline led to a 27 per cent increase in attributable net profit to S$14.6 million, with FY2025's strategy targeting regional expansion and ESG. Venture Corporation On May 22, Chua KL Family acquired 30,000 shares at S$11.08 apiece. This took the deemed interest of Venture Corporation independent non-executive director Chua Kee Lock to 0.01 per cent. Chua is the group president and CEO of Vertex Venture Holdings (VH), a Singapore-based venture capital investment holding company wholly owned by Temasek Holdings. VH anchors a global network of independently managed funds, including five early-stage technology funds, an early-stage healthcare fund, and a growth-stage fund, all supported by third-party capital. Chua also serves as managing partner of Vertex Ventures Southeast Asia & India and chairman of Vertex Growth Fund. His acquisition follows Venture Corporation detailing in its Q1 FY2025 business update that it improved its net profit margin to 9.1 per cent. This was driven by ongoing cost efficiency efforts and the delivery of higher-value solutions through its differentiated capabilities. The group also noted that overall revenue declined, primarily due to reduced demand in the lifestyle consumer technology segment, where research-and-development-led design innovations enhanced product reliability and lifespan, resulting in fewer replacements. Excluding this segment, the group maintained that revenue would have increased in Q1 FY2025 from Q1 FY2024. Meanwhile, Venture Corporation highlighted those initiatives in other domains – such as networking and communications, and advanced industrials – continued to gain traction, showing year-on-year progress. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.78 per cent to 61.84 per cent, through 395,000 shares bought by his spouse, Helen Chow. UMS Integration On May 26, UMS Integration CEO Andy Luong acquired 100,000 shares at an average price of S$1.15 per share. This increased his deemed interest from 15.36 per cent to 15.38 per cent. His preceding acquisitions on the open market were in April, with 199,800 shares acquired at S$0.925 apiece and in September 2024 with 600,000 shares acquired at S$0.983 apiece. This followed the Q1 FY2025 business update released on May 9. Luong noted that the group performed well in Q1, achieving improved revenue, gross margin expansion, and healthy cash flow despite a challenging global business environment compared with the same period last year. He added that significant progress was made in meeting the needs of key customers, with sales in Malaysia nearly trebling due to strong orders from a new key customer. Luong also maintained that despite the ongoing trade tensions affecting global sentiment, the order forecasts from the group's key customers remain unchanged. Cosmosteel Holdings Between May 23 and 27, Cosmosteel Holdings executive director and CEO Jack Ong acquired 500,000 shares at an average price of S$0.220 apiece, increasing his direct interest from 16.81 per cent to 17 per cent. This follows his acquisition of 6,050,000 shares between May 20 and 22. On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of Cosmosteel Holdings at S$0.20 apiece. Samudera Shipping Line Between May 23 and 28, Samudera Shipping Line executive director and CEO Bani Maulana Mulia acquired 73,100 shares at an average price of S$0.819 apiece. This increased his direct interest from 0.67 per cent to 0.68 per cent and followed his acquisition of 99,600 shares at S$0.80 apiece between May 8 and 14. Ho Bee Land Between May 26 and 29, Ho Bee Holdings acquired 38,600 shares of the company at S$1.77 apiece. This marginally increased the deemed interest of Ho Bee Land executive chairman Chua Thian Poh, which is at 75.65 per cent. This closely followed the acquisition of 129,200 shares at S$1.75 per share between May 16 and 20. Sinostar PEC Holdings Between May 23 and 29, Sinostar PEC Holdings executive chairman and CEO Li Xiang Ping acquired one million shares at S$0.147 apiece. This increased his deemed interest in the China-based producer and supplier of downstream petrochemical products from 69.46 per cent to 69.56 per cent. This follows his acquisition of 800,000 shares at S$0.142 apiece between May 19 and 21, and 880,000 shares acquired in April. Since the end of 2019, he has raised his deemed interest from 57.80 per cent, primarily through a rights issue earlier this year. Nam Cheong Between May 21 and 26, Nam Cheong executive chairman Tiong Su Kouk increased his total interest from 32.17 per cent to 32.18 per cent. This was through the acquisition of 30,000 shares by his wife, Wong Bak Hee, at an average price of S$0.52 apiece. The acquisition follows Nam Cheong providing a Q1 FY2025 business update on May 14 detailing its gross profit increased 13 per cent from Q1FY2024 to RM 56.3 million (S$17.1 million). This followed its FY2024 gross profit increasing to RM 363.3 million from RM 168.6 million in FY2023. Nam Cheong said that its sustained performance underscores the success of its strategic shift towards a more resilient chartering model and its ability to navigate market challenges. Nam Cheong and its subsidiaries are one of South-east Asia's leading offshore support vessel (OSV) providers, originating from Sarawak, Malaysia. Tiong has maintained majority shareholding control with an active role in the management of the group since 1999. He oversees its strategic direction and has played a significant role in steering the company from being primarily involved in the construction of barges and fishing vessels in Malaysia to the building of offshore support vessels. The stock has ranked among the top 70 local stocks traded by turnover this year, while also ranking among the 40 stocks that have booked the most net institutional inflow. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
