Ng Yu Zhi, the “apparent protagonist and mastermind of the entire Ponzi scheme” who held at least 80% to 90% of Envy companies, was not part of the proceedings because he had already been deemed bankrupt, according to the ruling.
Two former directors of the insolvent Envy Group of companies are liable to investors for as much as US$654 million ($841.8 million) lost in a nickel-trading scam and Singapore’s largest-ever Ponzi scheme, the High Court ruled.
Lee Si Ye, a former Envy director and shareholder, is liable for the entire sum comprising $593 million, US$192.2 million and 880,000 euros ($1.3 million), according to a court ruling published Tuesday. Ju Xiao, another former director and trading head, is liable for up to 40% of the total amount.
