Three ex-employees of Envy group join Ng Yu Zhi in bankruptcy

Three former employees of the Envy group of companies – at the heart of the S$1.5 billion nickel-trading Ponzi scheme that Ng Yu Zhi allegedly perpetrated – have been declared bankrupt after having been ordered by court to repay S$26.6 million in clawbacks.

Bankruptcy orders were made against former sales director Lau Lee Sheng, financial accountant Shen Xuhuai, and business development director and marketing communications director Guo Yujia on Sep 17, the government gazette published on Friday (Sep 25) showed.

The applications were made by the liquidators of Envy Global Trading, Envy Management and Envy Asset Management, after the Court of Appeal dismissed Lau and Shen’s appeals in June.

Lau and Shen were ordered to repay S$17.9 million and S$6.1 million, respectively, in commissions, profit-sharing payments or money received in excess of their investment principals in the purported nickel trading.

Guo did not appeal the decision of the High Court delivered in July 2025, which ruled that he was liable to pay about S$2.6 million in clawbacks.

Shook Lin & Bok acted for the liquidators in the bankruptcy applications.

Guo, Lau and Shen, together with another five former employees of Envy, were sued for payments including referral fees, which they had received in good faith as they were unaware that the scheme was fraudulent.

Two of these defendants had settled the claims with the liquidators.

Lee Si Ye and Ju Xiao, who were found liable in a separate trial for breaching their duties as Envy directors, had earlier applied for and were granted bankruptcy orders after the High Court’s judgment.

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