Ng owns 30% of Cicada and had gifted the majority holdings to a Chinese female friend, the newspaper said.
A restaurant linked to the Singapore businessman at the heart of an alleged US$1 billion ($1.35 billion) scam has closed down after Oversea-Chinese Banking Corp. terminated its bank account, the Straits Times reported Sunday, citing a director of the restaurant.
OCBC, Singapore’s second-largest bank, closed the Cicada restaurant’s account, which left it unable to pay employees, the Straits Times cited Raymond Lim, a director of Cicada YJL, as saying. The account closure came after the arrest of Ng Yu Zhi, who has been accused of fraud and cheating investors, according to the report.
