SINGAPORE: A Venture Capitalist's Testimony in a Major Fraud Case

In a gripping turn of events on Thursday (April 3), a venture capitalist testified in the ongoing trial of Ng Yu Zhi, who stands accused of orchestrating a staggering S$1.5 billion (US$1.12 billion) nickel investment fraud that allegedly duped nearly 1,000 investors.

Dr. Finian Tan, the founder and chairman of Vickers Venture Partners, shared his initial impressions of Ng during their first meeting in August 2020. He recounted how Ng's impressive knowledge and intellect, coupled with his claimed prowess as a nickel trader, left him in awe. Dr. Tan remarked in court that he was genuinely “amazed a young person could amass so much net worth” at such a young age.

Ng, a 37-year-old entrepreneur, allegedly ran a deceptive investment scheme under his companies, Envy Global Trading (EGT) and Envy Asset Management, promising significant profits from the supposed sale of physical nickel between 2016 and 2021. However, the prosecution contends that no actual nickel trading occurred. Instead, Ng misappropriated investors’ funds to finance a lavish lifestyle, transferring over S$481 million to his personal accounts.

As the trial unfolds, Ng is facing a staggering 42 charges, including forgery, handling benefits from criminal conduct, cheating, fraudulent trading, and criminal breach of trust. An additional 66 charges are currently on hold.

Throughout the trial, several high-profile victims have taken the stand, including private banker Veronica Shim, who was previously the CEO of Envysion Wealth Management. Shim herself has faced allegations related to the mismanagement of the company and is now entangled in the scandal that has captivated public attention.

Dr. Tan's decision to invest stemmed from a series of meetings that started with a personal introduction. Initially focused on Vickers, a venture capital firm raising funds at the time, Dr. Tan was drawn into discussions about Ng’s trading potential. He noted that Ng exhibited enthusiasm and intelligence, which further piqued Dr. Tan’s interest in investing.

During their interactions, Ng convinced Dr. Tan of his investment strategy, claiming to buy nickel from Australian miners at lower prices and securing contracts ahead of market increases. Intrigued by Ng’s approach, Dr. Tan expressed a desire to invest directly, aiming to avoid fees associated with investing through Envysion.

The courtroom drama intensified as Dr. Tan detailed how he navigated his investment decisions, revealing the precarious balance between his excitement about the investment and the obligations he had towards Shim, who initially introduced him to Ng's scheme. He indicated an 'appetite' to invest up to S$15 million, although the exact currency still awaits clarification from the ongoing proceedings.

As the trial continues, it serves as a chilling reminder of the potential for deception in high-stakes investment scenarios. The repercussions of Ng's alleged fraud extend beyond financial loss, raising questions about trust and accountability in the venture capital landscape. Stay tuned for further updates as this sensational case unfolds!