SINGAPORE: A businessman at the center of an alleged billion-dollar nickel investment fraud case has been remanded for about two weeks when he is unable to raise the increased bail of S$6 million sought by the criminal prosecution .
Ng Yu Zhi, former managing director of Envy Global Trading, returned to court via video link from their place of remand on Friday (Feb 3), with his lawyer urging the court to vary his bail circumstances.
Ng is accused of being involved with a scheme that will cheated investors of about US$1. 1 billion dollars (S$1. 5 billion).
His lawyer, Dentons Rodyk & Davidson partner Navin Naidu, asked the court to vary the particular bail conditions so that two sureties or bailors can put up bail of S$4 million and S$2 million each.
The existing bail has been for S$6 mil bail by a single surety, or S$3 million each simply by two sureties.
“I’ve spoken to my client while in remand, ” said Mr Naidu. “His bailors are trying to raise bail, but I’m searching for this third option, in the event that it comes to that, and money can be raised to that percentage. ”
The particular prosecution did not object but said that bailors generally have to fulfill the court about their particular “sufficiency” to furnish bail.
They likewise have to convince the court that the way to obtain the funds is linked back to all of them.
District Determine Terence Tay granted the defence his application and provided the third option of S$6 million bail on offer by two bailors in the proportion of S$4 million plus S$2 million.
Other bail situations, if the amount is definitely successfully raised, need Ng to give up his passport, stick to curfew hours of 10pm to 6am, as well as report to the investigating officer each Monday.
This individual also has to be electronically tagged and are unable to enter certain special zones as defined by the prosecution.
Ng’s case has been transferred to the High Court, and the first situation conference will take place on Mar 31, the particular court heard.
Ng, 35, was first charged in 03 2021 with infidelity and fraudulent trading. He now faces 105 charges to get offences that include legal breach of rely on and forgery.
He ran Be jealous of Global Trading plus Envy Asset Administration, raising money from investors to purchase pennie and allegedly deceiving investors to buy in to a portion of receivables from the sale through ahead contracts.
Traders were promised varying returns, averaging 15 per cent every three months, but the companies did not purchase any nickel, the prosecution supposed.
Among Ng’s purported victims are an unlawful lawyer, a former chief executive of the Law Modern society of Singapore along with a general counsel at Temasek.