Singapore’s financial regulator is conducting a review of Envysion Wealth Management’s governance and risk management, after the company lost millions of dollars to an alleged fraudulent nickel trading scheme. The Monetary Authority of Singapore (MAS) probe follows fraud charges filed against Ng Yu Zhi, a director of Envy Asset Management and Envy Global Trading. Ng is accused of engaging in an investment fraud scheme running since October 2017, which involved the “purported trading of nickel”, the regulator says. The city state’s police force say investors were duped into funding the purchase of goods and trade receivables when in reality “there were no such forward contracts”. Ng’s companies raised around US$750mn in total, police add, with investors promised returns of around 15%. Prosecutors accuse Ng of siphoning off hundreds of millions of dollars into his personal account, however, and a large proportion of investor funds remains unaccounted for. Envysion – a fund manager set up in 2019, which is coincidentally registered to the same Singapore office address as Envy Asset Management and Envy Global – lost at least US$35.6mn to the scheme, according to the MAS statement. The regulator says it will carry out a supervisory review of Envysion in order… continue reading
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Source: CTRM Center