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

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

He will be gone soon, upped bail or not.

He needs to stay in the "secured area" 

 

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