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Banking

The playboy trader, the nickel scheme and Singapore’s banks

Court documents relating to fraud charges against a young and flamboyant Singapore trader show that most of the country’s banks have had a relationship with him.

Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore in April
Ng Yu Zhi arrives at the State Court in Singapore in April
Reuters

Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.

Investors would fund the purchases, and would receive handsome rewards from the resulting profits.

The potential returns: how does 15% a quarter sound?

If something appears too good to be true, it usually is.

Poseidon Nickel told the ASX on May 4, in an official statement, that it had never had a sales agreement with Ng or his companies, Envy Global Trading and Envy Asset Management. BNP Paribas Commodity Futures Limited, which Ng had claimed was a buyer of the nickel, has also said it had nothing to do with Ng or Envy; indeed, that particular arm of BNP was no longer operational at the time Envy’s statements said it was transacting.

But from 2016 to 2021 the two Envy companies received S$1.46


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