Ng Yu Zhi’s Lawyer Accuses Investor of Caring Only About Income
Trial Update
The trial of Ng Yu Zhi, a Singaporean businessman accused of masterminding a nickel-trading scam, continued on day four with his lawyer, Nichol Yeo, cross-examining investor Veronica Shim Wai Han. Shim, a private banker with 20 years of experience and former chief executive of a fund management company, was accused of only caring about generating income from Ng’s client’s nickel investment scheme, rather than ensuring the underlying transactions were genuine.
Shim Denies Allegations
Shim strongly disagreed with Yeo’s accusations, stating that she was "insulted" by the suggestion. She testified that she was convinced the deals were genuine after Ng showed her some documents and visited a warehouse where nickel was stored. Shim also said that her team raised concerns about the financial statements of Poseidon Nickel Limited, the Australian firm that allegedly sold nickel to Ng, but Ng provided an explanation that the trades would not be reflected in the financial statements.
EWM’s Involvement
Shim is the chief executive of Envysion Wealth Management (EWM), a company that allegedly delivered S$47.4 million to Ng’s company, Envy Global Trading (EGT), between September 2020 and January 2021. EWM also managed a variable capital company that invested in EGT’s scheme. Shim’s team received referral fees and management fees for their services.
Trial Continues
The trial will resume in February 2025.
FAQs
Q: What is the alleged nickel-trading scam?
A: Ng Yu Zhi is accused of masterminding a scheme that attracted S$1.46 billion from 947 investors over six years and allegedly used the invested funds to finance his lavish lifestyle.
Q: What is the role of Veronica Shim Wai Han in the scam?
A: Shim is the chief executive of Envysion Wealth Management (EWM), a company that allegedly delivered S$47.4 million to Ng’s company, Envy Global Trading (EGT), between September 2020 and January 2021.
Q: What is the current status of the trial?
A: The trial of Ng Yu Zhi continues, with the next session scheduled for February 2025.
