Businessman Ng Yu Zhi Declines to Testify in Multi-Billion Dollar Fraud Case

Ng Yu Zhi, a businessman embroiled in an alleged nickel investment fraud case totaling around S$1.5 billion, chose not to testify in court on July 7. Aged 38 and previously involved with Envy Global Trading and Envy Asset Management, Ng's decision to remain silent came after a brief consultation with his legal team. His counsel, consisting of Hassan Esa Almenoar and Nichol Yeo, concluded the defense's case without presenting any further witnesses.

The next steps in the legal proceedings involve both the prosecution and defense preparing their closing arguments regarding Ng's potential conviction, with discussions to aim for a verdict announcement on August 22. Judicial Commissioner Christopher Tan acknowledged the preference for that date but indicated he would confirm it later in response to any additional developments that might arise.

Ng’s trial began in November, during which he faces 42 charges, including forgery and cheating. There are also 66 more charges pending, which have been tabled for the moment as this trial progresses. Prosecutors argue that over a span of five years starting in February 2016, Ng swindled investors through misleading claims about his companies’ nickel trading abilities, a venture they refer to as mere "fiction." Alleged victims—ranging from lawyers to a venture capitalist—described being captivated by Ng's assurances.

Prosecutors further claim that Ng personally benefitted from the fraudulent scheme, allegedly transferring at least S$201.2 million from Envy Global Trading to his private accounts, which he then used for lavish purchases, including luxury cars, artworks, and real estate. Over six years, Ng's businesses reportedly amassed a total of S$1.46 billion in investments from approximately 947 backers, out of which around S$482 million allegedly went directly into his personal finances. Following a series of fresh alleged offenses, Ng was remanded in custody, with his recent bail application denied by the court.