$1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence
Source: Straits Times
Article Date: 08 Jul 2025
Author: Selina Lum
The prosecution proceeded on 42 charges against Ng Yu Zhi in the current trial, which began in November 2024.
The trial of Ng Yu Zhi, who is accused of masterminding a nickel-trading scam that attracted $1.46 billion from hundreds of investors, came to an end on July 7 after he made the rare move of opting not to take the stand.
Judicial Commissioner Christopher Tan had called for Ng, 38, to give his defence after finding that the prosecution has presented a sufficient case against him.
The judge told Ng that he can choose to give evidence on the stand and be liable to cross-examination.
If he chooses to remain silent, the court may draw an adverse inference against him in deciding whether he is guilty or not, the judge added.
Ng chose to remain silent after speaking for about an hour to his lawyers, Mr Nichol Yeo, Mr Nicholas Narayanan and Ms N.K. Anitha.
Mr Yeo added that his client will not be calling any witnesses to testify for him.
The judge told parties to file closing submissions by Aug 4 and replies by Aug 18.
Ng is accused of deceiving investors, who include lawyers and financiers, into investing money to finance the trading of physical nickel.
He faces a total of 108 charges over offences including cheating, forgery, fraudulent trading, money laundering and criminal breach of trust.
The prosecution proceeded on 42 of these charges in the current trial, which began in November 2024.
Ng allegedly told investors he could buy nickel at a discount and then sell the metal for profit. He also used forged documents to spin a convincing tale.
The prosecution said the nickel trades never took place, and earlier investors were paid with money put in by other investors.
Ng’s scheme was first offered through Envy Asset Management in February 2016.
After the company was placed on the Monetary Authority of Singapore’s investor alert list, the scheme was moved to Envy Global Trading from April 2020 to March 2021.
The prosecution also alleged that Ng’s lavish lifestyle was funded by his ill-gotten gains.
During the trial, the court heard evidence that he had splurged millions on luxury cars for his wife and girlfriends, property, works of art and jewellery.
Ng was declared bankrupt in December 2022, after he and three others were sued by the liquidators of the Envy companies.
He has been remanded in prison since Feb 7, 2024.
His $6 million bail was revoked after he breached his bail conditions by trying to get $500,000 from the sale of a shophouse.
On June 30, 2025, after 35 days of trial, Ng sought to be released on bail, contending that being held in custody hampered his ability to prepare his case.
His attempt was denied on July 3, with the judge saying he was a flight risk.
Source: The Straits Times © SPH Media Limited. Permission required for reproduction.
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