Accused in S$1.5b nickel fraud trial refuses to testify as defence concludes case

Ng Yu Zhi, the businessman accused in a nearly S$1.5 billion nickel investment fraud, chose not to testify in his case on Monday. Ng, 38, who operated Envy Global Trading and Envy Asset Management, decided to stay silent and allowed the judge to draw conclusions from his silence. After a brief discussion with his lawyers, the defence closed its case as there were no other witnesses to call. Both the prosecution and defence will submit their closing arguments, with a verdict expected later. Lead prosecutor Gordon Oh suggested a verdict date of Aug 22, which the judge noted but reserved the right to set a different date if needed.

Ng faced 42 charges, including forgery, cheating, and criminal breach of trust. The prosecution alleges that Ng attracted investors by falsely promoting physical nickel trading, using the funds for personal expenses. Investors, including lawyers and a venture capitalist, testified about being impressed by Ng before discovering the fraudulent scheme. Ng allegedly withdrew over S$201.2 million for personal use, spending it on luxury items. His companies received S$1.46 billion in investments, with a significant portion diverted to Ng's personal accounts.

Ng, initially out on bail, was remanded for breaching bail conditions. His recent bail request was denied by the court. The judicial commissioner overseeing the case will announce the verdict date in due course.

According to the source: CNA.