Serious Ng Yu Zhi Charged - Linked to S$1 Billion Fraud.

[Kee Chew]

Director of firms in fraud probe says he will try to pay back investors

Source: Straits Times
Article Date: 05 Mar 2021
Author: Joyce Lim

Envy Global Trading is a commodities trader specialising in physical nickel and futures trading while Envy Asset is no longer active.
The director of two firms being probed for alleged fraud related to nickel trading told investors at a 10-minute webcast meeting on Wednesday that he will try to return them all their money.

Mr Ng Yu Zhi told investors that as the firms' bank accounts in Singapore have been frozen by the police, he is trying to arrange for funds to be moved here from an overseas bank account, investors told The Straits Times.

Mr Ng, 34, was arrested last month on suspicions of cheating in connection to an investment scheme under his two firms, Envy Asset Management and Envy Global Trading.

Envy Global Trading is a commodities trader specialising in physical nickel and futures trading. Envy Asset is no longer active.

When contacted by The Straits Times (ST), Envy Global Trading confirmed the meeting, but declined to comment further.

The Straits Times understands that several investors have pumped millions into the two firms.

Police said last month that the two firms are being investigated by the Commercial Affairs Department (CAD) for alleged misuse of funds raised from investors to finance nickel trading.

Investors were promised varying returns, depending on the scheme they joined, police added.

The Straits Times understands that Envy Asset, which was incorporated in 2015, would buy nickel at a discounted price from a supplier in Western Australia and sell it through a broker on the London Metal Exchange.

Envy Asset was placed on the Monetary Authority of Singapore's (MAS) Investor Alert List in March last year. The list flags companies that are not licensed by the MAS but may have given investors the impression that they were sanctioned by the Singapore regulator.

Two months later, assets management firm Envysion Wealth Management launched a commodity strategy fund under its variable capital companies (VCC), Envysion Global Investments VCC.

Envysion Wealth Management is regulated by the MAS as a capital markets services licensee.

Unlike Envy, Envysion does not invest directly in nickel, but in the receivables of nickel trades. Trade receivables are the amounts owed to a business by its customers following the sale of goods or services on credit. Receivables from the nickel buyer will be made available by the seller for the Envysion Commodity Strategy Fund.

According to industry sources, Envysion has been investing in Envy's trade receivables.

A search on the Accounting and Corporate Regulatory Authority portal showed that as at last December, Envy Global and Envysion Global Investments VCC shared the same registered address in Centennial Tower.

The Envysion Commodity Strategy Fund targets accredited investors. Under MAS requirements, an accredited investor needs to have net personal assets exceeding $2 million in value, an annual income of at least $300,000 in the preceding 12 months or net financial assets exceeding $1 million in value.

When asked how Envysion will be paying its investors following the freezing of Envy's bank accounts, an Envysion spokesman said the company has been made aware of CAD's investigations on Envy Asset and Envy Global.

"This specific investment is just one of a wide range of investment solutions that are available on Envysion's platform. Immediate actions that Envysion has taken were to initiate redemption for all exposure with Envy Global Trading, while at the same time keeping investors and regulators informed of all updates from the development of the case," the spokesman told ST.

He added that Envysion Wealth Management is a wholly separate company, with separate interests.

MAS, in response to queries from ST, said: "We understand that the focus of CAD's investigations is Envy Global Trading and Envy Asset Management. As Envysion Wealth Management is regulated by MAS, monitoring this entity is part of our role as a supervisor. We will take appropriate actions on our regulated entities should they be involved in any misconduct or if there are any regulatory breaches."

 

[Kee Chew]

HReasily Receives US$5 Million Investment from Envy Capital
SEPTEMBER 11, 2019PUBLISHED AT 11:00 AMPR NEWSWIRE ASIA

SINGAPORE, Sept. 11, 2019 /PRNewswire/ -- A SINGAPORE-BASED human resource and benefits management platform, HReasily, made such an impact on its client, that the firm became an investor.

Managing Director of Envy Asset Management , Ng You Zhi (left), with Group CEO of HREasily, Pascal Henry
Envy Capital invested US$5 million into HReasily, whose human-resource technology is geared for small to medium enterprises. Envy Capital's parent firm, Envy Asset Management, began using its services in 2015 to manage its startup team of just three. Today, Envy's staff has grown to 18, and its leaders champion the positive impact of HReasily's solutions on workplace culture.
More from AsiaOneRead the condensed version of this story, and other top stories with NewsLite.
The investment is a nod to HReasily's growth potential, and nimble approach to product development. Mr Pascal Henry, HReasily's chief executive officer and co-founder, said it was especially meaningful to receive funding from a happy customer.
"We're delighted that our end user sees us not just as a digital solution, but as a business partner. Their investment will certainly accelerate our development, and enable us to develop features at a rate that will benefit not only them as our investors, but the greater community of users we serve."
"It's scalable," said Ms Rhiya Lee, Envy's deputy managing director.
"HReasily has digitised a lot of our functions with a suite of HR management services. It is easy to use and saves us a lot of time and manpower, freeing us up to develop people-related activities: to build and improve relationships. The culture gets better.
"This system allows us to add on modules only when we need them. Looking at it in the long term, there are different solutions we can utilise as our business needs grow."
Envy Capital's managing director Ng You Zhi believes that many more SMEs in Singapore and the region can similarly benefit. Highlighting its significant opportunity for growth, he said: "The market itself is nascent, which is where we see the potential. They're very clear about what they want to do. Not just in HR, but beyond that."
HReasily's tools digitalise and automate tedious HR processes. Mr Ng and Ms Lee said its appeal lies in its innovative nature - there's ease of implementation and employee onboarding, capacity for personalisation, and consistent additions of new modules.
As companies move towards separating their accounting from culture-building functions, HR tech such as HReasily empowers business owners to respond better to staffing needs, positioning them as attractive places to work.
With 30,000 companies on its platform, HReasily has active users in eight economies across Asia: Singapore, Malaysia, Thailand, Hong Kong, Indonesia, the Philippines, Cambodia and Vietnam.
Its suite covers core functions such as payroll, expense claims, time and attendance, and leave management. This year alone, HReasily added an Insurance component to its Staff Benefits pilot module, as well as white-label solutions. The company plans to roll out Scheduling and Employee Benefits next, with Performance Appraisal, Reporting, Onboarding and Scheduling in the pipeline for 2020.
Who We Are
HReasily is a cloud-based HR SaaS company whose mission is to innovate and automate HR processes throughout the region. We believe in creating a world of digitally empowered professionals. Our modules cover functions such as payroll, benefits, staff management, leave, claims and time attendance monitoring. More modules for functions such as scheduling and performance appraisal are in the pipeline for 2020. We currently have 30,000 companies on our platform in 8 countries: Singapore, Hong Kong, Thailand, Malaysia, Indonesia, The Philippines, Cambodia and Vietnam.
Ms Olivia Leong | Email: [email protected] | Tel: +65-9848-4783

 

[Kee Chew]

Singapore regulator reviews fund manager over nickel trading scheme

By Reuters Staff

2 MIN READ

HANOI, March 22 (Reuters) - The Monetary Authority of Singapore (MAS) is conducting a supervisory review of Envysion Wealth Management Pte Ltd following an alleged fraud involving nickel trading by two other companies, it said in a statement on Monday.

The move followed a police investigation, announced last month, of Envy Global Trading Pte and Envy Asset Management Pte for alleged fraud after they raised funds from investors that were meant to finance nickel trading.

The regulator’s statement said that Ng Yu Zhi, a director at both Envy Global Trading and Envy Asset Management, is alleged to have cheated Envysion Wealth Management and its founder and chief executive Shim Wai Han of at least S$48 million ($35.80 million).

The regulator’s review is to ascertain if there have been governance or risk management failures by the board and senior management of Envysion Wealth Management, a MAS-licensed fund manager, the statement said.

MAS said it has directed Envysion Wealth Management to cease accepting new monies for investment into Envy Global Trading’s nickel scheme and to appoint an independent third party to oversee all transactions of the fund’s bank accounts.

Calls to Envysion Wealth Management went unanswered outside regular business hours in Singapore.

A media representative for Envy Global Trading did not immediately respond to a request for comment on the regulator’s statement with reference to the allegations against Envy Global Trading and Ng.

Envy Asset Management was a precursor to Envy Global Trading before an internal restructuring in June 2020 and is now inactive.

$1 = 1.3406 Singapore dollars Reporting by Mai Nguyen in Hanoi; Additional reporting by Aradhana Aravindan in Singapore. Editing by Jane Merriman
Our Standards: The Thomson Reuters Trust Principles.

 

[Kee Chew]

 

[Kee Chew]

David Sun

23 march 2021

SINGAPORE - A businessman charged on Monday (March 22) has been linked to an alleged fraud involving at least $1 billion, the largest in Singapore's history.
Ng Yu Zhi, 33, is the director of two firms and said to have raised the money from investors, purportedly to finance nickel trading.

The alleged victims were promised varying returns averaging 15 per cent over three months.

But the nickel trades never took place and the investors are still owed the money, the police said on Monday.

Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, was charged with two counts of cheating and two of being a party to fraudulent trading involving about $48 million.

He is expected to face more charges at a later date.

Of the $1 billion invested in the companies between October 2017 and last month, about $300 million was allegedly transferred to his personal account.
The Commercial Affairs Department has seized $100 million of assets from Ng.

Neither of the firms is licensed by the Monetary Authority of Singapore (MAS).
EAM has been on its investor alert list since March last year.

The MAS said it had received public feedback that EAM claimed it was in the process of applying for a licence, even though no application had been submitted.
The prosecution asked for $3 million cash bail in addition to electronic tagging.

The court was told that Ng has family and access to assets overseas.

He has a registered company with a London bank account and significant investments in Hong Kong, London and Switzerland.
Ng also has a child with a partner who has since returned to China, and had given her high-value gifts, including several cars here.


The defence sought $1 million bail with e-tagging, citing the Ponzi scheme case of Sunshine Empire, where those accused were given bail of at most $800,000.

District Judge Terence Tay fixed bail at $1.5 million with e-tagging, and a 10pm to 6am curfew. It is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.

The case has been adjourned until May 17, and more charges are expected to be tendered by the prosecution. Ng is believed to be on remand.

If convicted, he could be jailed for up to 10 years and fined for each count of cheating.

For each count of fraudulent trading, he could be jailed for up to seven years, fined up to $15,000 or both.

 

[laksaboy]

 

[Kee Chew]

just curious , more than s$1 bn come from where ?

local or overseas "investors" .

 

[face the facts]

why the syndicate choose such a ugly mofo as tua-pehkong?

 

[Kee Chew]

just like HK Drama Money Laundering machinery

why the syndicate choose such a ugly mofo as tua-pehkong?

 

[kaninabuchaojibye]

varying returns averaging 15 per cent over three months.

greed creates demand for scams
haaaa 15% returns in 3 mths
common sense will tell u is a scam
haaaa

 

[Kee Chew]

why the syndicate choose such a ugly mofo as tua-pehkong?

confirmed Tua Pek Kong


https://forums.fuckwarezone.com.sg/...ud-until-more-than-$1-billion-6487465-14.html

 

[Kee Chew]

Envy Asset Management and Envy Global Trading not licensed by MAS

Singapore, 22 March 2021... Referring to the charges of cheating and fraudulent trading brought in the State Courts against Ng Yu Zhi, a director of Envy Asset Management Pte Ltd (EAM) and Envy Global Trading Pte Ltd (EGT), the Monetary Authority of Singapore (MAS) said that EAM and EGT are not licensed by MAS.

2 EAM and EGT are believed to have been engaged in an investment fraud scheme between October 2017 and February 2021 involving the purported trading of nickel. Firms that deal in or invest funds for qualified investors [1] in physical assets (i.e. not capital markets products [2] ) are not required to be licensed by MAS. This approach is broadly similar to that taken in other major financial centres. MAS is nevertheless examining EAM’s and EGT’s investment documents and other available evidence to see if they have been engaging in capital markets products or in any activity that would have required the two firms to obtain a MAS licence.

3 On 19 March 2020, MAS had placed EAM on the Investor Alert List, to highlight that EAM may have been wrongly perceived as being licensed by MAS. MAS had received public feedback that EAM had told customers that it was in the process of applying for a licence from MAS, when in fact no such application had been submitted. MAS subsequently received further information on transactions carried out by EAM, as well as its related entity, EGT. MAS conducted a deeper review and shared its findings with the Commercial Affairs Department (CAD).

4 Mr Ng is alleged to have cheated Envysion Wealth Management Pte Ltd (EWMPL) and its founder and CEO, Shim Wai Han, of at least $48 million. EWMPL is a MAS-licensed fund manager. Following CAD’s commencement of investigations into EGT in February 2021, MAS issued directions to EWMPL to:

• cease accepting new monies for investment into EGT’s nickel scheme;
• inform affected investors of the Police investigation into EGT and the fund’s status; and
• appoint an independent third party to oversee all transactions of the fund’s bank accounts.

MAS is closely monitoring EWMPL’s implementation of the directions, to ensure that investors are treated fairly.
5 MAS is also conducting a supervisory review of EWMPL to ascertain if there have been governance or risk management failures by its board and senior management. MAS expects licensed fund managers to practise robust governance to safeguard the interest of their investors. This includes performing proper due diligence before undertaking investments and addressing concentration and other risks to investors.

6 Notwithstanding that EAM and EGT are not licensed by MAS, MAS is concerned with the scale of the alleged investment fraud scheme. MAS, CAD and MoneySense have repeatedly advised investors to be aware of the risks of dealing with entities that are not regulated by MAS. MAS is working closely with CAD to ascertain the number of individuals and companies that may have suffered losses. The Singapore authorities will continue to work together to take swift action against persons suspected of perpetrating fraudulent activity.

1. [1] Includes (i) accredited investors (e.g. individuals with more than $2 million in net personal assets) and (ii) institutional investors (e.g. financial institutions).
2. [2] Refers to securities, units in collective investment schemes (e.g. funds and unit trusts), derivatives contracts and spot foreign exchange contracts (for purposes of leveraged trading).