Singapore ups bail of alleged billion-dollar fraudster over escape fears

[snoop1130]

FILE PHOTO: Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. REUTERS/Edgar Su

 

SINGAPORE (Reuters) - A Singapore court has tightened bail conditions for a businessman accused of involvement in a bogus, billion-dollar nickel trading scheme after the prosecution said plans were afoot to help him flee the country.

 

Ng Yu Zhi, a former managing director of trading companies Envy Global Trading (EGT) and an inactive firm, Envy Asset Management, has been implicated by authorities in a fraudulent scheme that raised at least S$1.5 billion ($1.12 billion) from investors.

 

The prosecution said police had uncovered a plot involving at least three people to help Ng escape the city-state by land or sea, although the investigations did not show the extent of Ng's involvement.

 

Ng's bail was increased to S$4 million from the previous S$1.5 million, according to court proceedings on Monday. Ng's lawyer did not immediately respond to a request for comment.

 

Ng, 34, who was removed as managing director of EGT, faces 31 charges related to scheme, about which he has made no public comment.

 

KPMG, the court-appointed interim judicial managers for Ng's companies, estimate his monthly personal expenditure was about S$2 million, including on private jet travel, nightclubs, alcohol, luxury cars and gifts for close associates.

 

KPMG's July 2 report distributed to investors estimated net outflows of about S$475 million to Ng from his Envy Group of companies.

 

That compared with net inflows of S$841.5 million from investors, some of which was used to pay employees, referral fees and other expenses, according to KPMG.

 

-- © Copyright Reuters 2021-07-06

[BusyB]

So they've upped his bail to two months expenses ... hhmmm ... wonder if that worries him ...

[natway09]

He will be gone soon, upped bail or not.

He needs to stay in the "secured area" 

 

[Stargeezr]

I wonder what his life will be like in the future, or will he even be alive in the future? A lot of money involved  for sure.

Geezer