29-07-2025
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.
