Ng was accused of an additional 13 charges on Monday, according to court documents seen by Bloomberg News. He was charged with cheating nine individuals and three corporate entities out of at least $83 million in connection with Envy Global Trading Pte.’s purported forward contracts for the sale of nickel, when there were no such forward contracts, according to the sheets.
Top legal professionals are among people who fell for Singapore’s biggest alleged investment fraud, as the unravelling scandal reveals more high-profile victims.
Pek Siok Lan, general counsel for state-owned investor Temasek International, and Thio Shen Yi, joint managing partner of TSMP Law Corporation, are named in new charge sheets against Singapore businessman Ng Yu Zhi, who has been prosecuted for allegedly raising funds from investors for nickel trades that didn’t exist. Sunil Sudheesan, a director specialized in criminal cases with Quahe Woo & Palmer LLC, and technology startup investor Finian Tan are also among the victims who were allegedly cheated.
