Ng, who is 33 years old, had allegedly got the Envy entities to raise money from investors to fund nickel trading. The transactions were fake, it is said. The alleged total fraud amounts to $1 billion.
Nickel owes its name to the devil. The commodity’s English name is from the German term Kupfernickel. In the 1400s, miners mistook nickel for copper ore because of its red colour. Once they realised their mistake, the miners blamed Old Nick — a name for the devil. The name “nickel” is derived from Old Nick.
This week, the devil has struck the nickel market. Envy Asset Management and Envy Global Trading are commodity traders based in Singapore. Ng Yu Zhi, a director of both firms, has been accused of fraud.
