Singapore charges Envy director over nickel trading fraud

SINGAPORE - A director of commodity trader Envy Global Trading Pte Ltd and Envy Asset Management Pte Ltd, Ng Yu Zhi, has been charged in a Singapore court in relation to an alleged fraud involving nickel trading, the police said on Monday.

Ng is facing two counts of cheating for allegedly deceiving two parties into paying at least S$48 million ($36 million) to Envy Global in connection with its forward contracts for the sale of nickel, when no such contracts existed.

A separate statement from the central bank named the parties as fund manager Envysion Wealth Management and its founder and chief executive Shim Wai Han.

Ng also faces two counts of fraudulent trading, the police said.

Envy Global Trading and Envy Asset Management are believed to have raised at least S$1 billion from investors to purportedly finance nickel trading activities between October 2017 and February 2021, the police said.

A media representative for Envy Global Trading did not respond to a request for comment, while Reuters was unable to reach Ng. Envy Asset Management was a firm restructured into Envy Global Trading in June 2020, and is now inactive.