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Envy director charged with cheating and fraud has links to vehicle firms

Envy director charged with cheating and fraud has links to vehicle firms

Source: Business Times
Article Date: 31 Mar 2021
Author: Leila Lai

According to data from ACRA, Ng holds 500,000 shares in Envy Motors, a car dealership specialising in classic, luxury and vintage automobiles, and 22,100 shares in electric mobility startup Swag EV. 

Ng Yu Zhi, a businessman under probe for alleged fraud related to nickel trading, has interests in two vehicle firms dealing in automobiles and electric scooters.

According to data drawn from the Accounting and Corporate Regulatory Authority (ACRA) by data analysis firm Handshakes, Ng holds 500,000 shares in Envy Motors, a car dealership that specialises in classic, luxury and vintage automobiles.

He is also one of its two directors; the other director is Envy Motors chief executive Jordan Chua, who holds an equal stake in the firm.

Envy Motors' latest financials showed a S$52,747 loss after tax for the period of April 2019 to December 2019.

In addition, Ng holds 22,100 shares in electric mobility startup Swag EV. He was a director of the company until March 12, 2021.

Mr Chua, the Envy Motors CEO, holds 5,200 shares in Swag EV.

Swag EV is registered in Singapore, but appears to operate primarily in Thailand where it launched two models of electric motorcycles in Jan 2020. In October 2020, it received US$5 million in funding from Energy Efficiency Services Limited, a major public energy service company owned by the government of India.

One of the startup's co-founders and directors is Veronica Shim, who is also the founder and chief executive of Envysion Wealth Management. Ng is accused of swindling Envysion Wealth Management out of S$35.7 million and US$9.2 million, as well as swindling Ms Shim out of S$955,000 for receivables due from another company when no such payments were forthcoming.

The Envy Motors website lists two addresses for the company: a two-unit location in Ang Mo Kio, and a three-unit showroom located at 237 Alexandra Road. However, a visit to the Ang Mo Kio location revealed that the space has been occupied by a gym equipment retailer since September 2020.

The Envy Motors showroom at Alexandra Road is also listed as the local address for Swag EV on its website. When The Business Times (BT) visited at around 3.30pm on March 24, the lights in the showroom were turned on, but the doors were locked and there appeared to be no staff on duty.

BT's queries to both companies about their links to Ng went unanswered.

Ng was charged with cheating and fraud earlier in March. At least S$1 billion is believed to have been invested with two firms where he was a director, for the purported sale and purchase of nickel.

Bloomberg reported on March 27 that Ng has been removed from his managing director role at one of the firms, Envy Global Trading, and the firm has been placed under the care of an independent interim management committee.

The other firm, Envy Asset Management, is no longer active, according to an external representative of Envy Global Trading.

Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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