SINGAPORE: Ng Yu Zhi, the businessman at the heart of an alleged nickel investment fraud involving almost S$1.5 billion (US$1.17 billion), declined to testify in his case on Monday (Jul 7).
Ng, 38, who ran Envy Global Trading and Envy Asset Management, chose to remain silent and accepted that the judge could draw an adverse inference from his choice to do so.
He made this decision after speaking with his lawyers for under an hour on Monday morning.
Defence lawyers Hassan Esa Almenoar and Nichol Yeo had no other witnesses to call, and the defence closed its case.
Both the prosecution and defence are to file their closing submissions on whether or not Ng should be convicted, with a verdict to be given later.
Lead prosecutor Gordon Oh said he had discussed the matter with the defence and it would be “preferable” to have the verdict on Aug 22.
Judicial Commissioner Christopher Goh took note of that but said he would give the verdict date at a later time in case of any further developments or queries he may have.
Ng went on trial in November facing 42 charges, including forgery, handling benefits from criminal conduct, cheating, fraudulent trading and criminal breach of trust.
He has another 66 outstanding charges, but these were stood down or set aside for the time being while this trial goes on.
THE CASE
The prosecution’s case is that Ng attracted hundreds of investors over five years from February 2016 with his companies’ purported physical nickel trading.
They said Ng was the scheme was Ng’s “brainchild”, but the nickel trading was “fiction” that he conveyed to investors either personally or through his sales representatives.
Alleged victims of the scheme include lawyers and a venture capitalist, who testified about how he was “impressed” by Ng.
Ng then lived lavishly on the proceeds of the fraudulent scheme, alleged the prosecutors, withdrawing at least S$201.2 million from Envy Global Trading to his personal bank accounts.
He spent it on expensive artworks, property, cars and jewellery, charged the prosecutors.
Over six years, Ng’s companies received a total of S$1.46 billion in investments from 947 investors. Of this, about S$482 million was channelled to Ng’s personal bank accounts.
Ng was initially on bail running into the millions, but he was remanded after breaking bail conditions by allegedly committing fresh offences. His latest request for bail was rejected by the court last week.
