Ng Yu Zhi handed new charge for trying to sell shophouse bought with criminal proceeds
Businessman Ng Yu Zhi, who is allegedly involved in a US$1.1 billion (S$1.5 billion) nickel trading scam, was on Jan 31 slapped with one new charge.
The new charge stated that he attempted to sell a shophouse located at 13 Bussorah Street to one Gan Wee Pin for an aggregate sum of $500,000, having previously purchased the shophouse with criminal proceeds.
This brings the total number of charges faced by Ng to 106.
These charges are in relation to a nickel trading investment scheme offered by his companies, Envy Asset Management and Envy Global Trading, and they include white-collar crimes including cheating, criminal breach of trust, forgery, fraudulent trading and money laundering.
In previous charge sheets seen by The Business Times, Ng had spent around $5 million on a Bussorah Street property.
He also used an additional $144,600 to pay for stamp duties, and $3,745 in conveyancing fees related to the purchase.
In court, Deputy Public Prosecutor Gordon Oh asked for Ng, who appeared via video link, to be remanded for one week, for the police to conduct further investigations.
This is as Ng is further suspected of money laundering-related offences that involve “many parties”, and there are telecommunication devices the accused possesses that requires further investigation with his assistance.
DPP Oh said if Ng were to be released on bail, there would be a risk of tipping off other parties suspected to be involved in the case, and could result in the destruction of evidence.
Further remand was therefore required to “minimise any incidents of the destruction of evidence”, he said.
Ng’s lawyer Johannes Hadi did not object to the one-week remand but noted that intensive investigations have been ongoing for some time.
He added that Ng had also attended an interview with the Commercial Affairs Department on Jan 29.
DPP Oh responded that the case was ongoing in the High Court, and that the Bussorah Street property was also involved in those charges.
District Judge Brenda Tan granted the request for remand. Ng will be back in court on Feb 7.
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