Ng Yu Zhi (R), a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. REUTERS/Edgar Su
Singapore firms accused of being involved in a $1.1-billion bogus nickel trading scheme should be placed in liquidation as there was no business to be preserved, interim judicial managers at accounting firm KPMG have said in a document seen by Reuters.
Authorities in the city state have implicated Ng Yu Zhi, a former managing director of trading companies Envy Global Trading (EGT) and an inactive firm, Envy Asset Management, in the fraud, one of the biggest in Singapore.
Last month, Singapore’s High Court appointed KPMG as the interim judicial manager for the firms, as well as a related company, Envy Management Holdi…
Read the full article at: https://www.reuters.com/world/asia-pacific/exclusive-kpmg-managers-back-liquidation-singapore-firms-1-bln-nickel-scandal-2021-05-27/
