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Yahoo
29-07-2025
- Business
- Yahoo
Singapore director is liable for US$654 million after Ponzi scheme
By Chanyaporn Chanjaroen (Bloomberg) – Two former directors of the insolvent Envy Group of companies are liable to investors for as much as US$654 million lost in a nickel-trading scam and Singapore's largest-ever Ponzi scheme, the High Court ruled. Lee Si Ye, a former Envy director and shareholder, is liable for the entire sum comprising S$593 million ($461 million), $192.2 million and 880,000 euros ($1 million), according to a court ruling published Tuesday. Ju Xiao, another former director and trading head, is liable for up to 40% of the total amount. Ng Yu Zhi, the 'apparent protagonist and mastermind of the entire Ponzi scheme' who held at least 80% to 90% of Envy companies, was not part of the proceedings because he had already been deemed bankrupt, according to the ruling. The 2021 arrest of Ng, now 38, became a public spectacle in Singapore amid reports about his lavish spending after raising almost S$1.5 billion from hundreds of clients including high-profile lawyers. The former accountant allegedly spent hundreds of millions to fund his opulent lifestyle, buying mansions, fast cars and high-end jewelry. 'The outcome was a truly shocking one: a billion-dollar fraud perpetuated on all and sundry, from the common man on the street to sophisticated investors who were seduced by the apparent attractive returns,' Judicial Commissioner Mohamed Faizal wrote in conclusion. Liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings sought to recover investors' monies. Ng's Envy Group offered investments in nickel trading and touted average quarterly gains of 15%. The prosecution said the scheme was 'pure fiction.' Ng has remained on remand since Jan. 31, 2024, according to the court. Cheong Ming Feng, an administrative executive at Envy, is liable for S$1.9 million less his salary payments and contributions to the national pension fund. More stories like this are available on ©2025 Bloomberg L.P.
Bloomberg
29-07-2025
- Business
- Bloomberg
Singapore Director Is Liable for $654 million After Ponzi Scheme
Two former directors of the insolvent Envy Group of companies are liable to investors for as much as $654 million lost in a nickel-trading scam and Singapore's largest-ever Ponzi scheme, the High Court ruled. Lee Si Ye, a former Envy director and shareholder, is liable for the entire sum comprising S$593 million ($461 million), $192.2 million and 880,000 euros ($1 million), according to a court ruling published Tuesday. Ju Xiao, another former director and trading head, is liable for up to 40% of the total amount.
