Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam, spent more than S$21 million on about 20 luxury cars between Dec 2019 and Feb 2021. - Photo: Lianhe Zaobao file
SINGAPORE: Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam that attracted S$1.46 billion from investors, was said by the prosecutors to have led a lavish life funded by the proceeds of his crimes.
The 37-year-old is currently on trial for 42 charges for cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down.
Over six years, Ng offered investors the opportunity to make profits from the purported buying and selling of physical nickel by his companies, Envy Asset Management and Envy Global Trading.
Prosecutors said he forged documents to make his story more convincing.
In reality, no nickel was purchased or sold by the Envy companies. Earlier investors were paid with money put in by other investors.
Ng has also been accused of misappropriating money from his company, and spending his ill-gotten gains on expensive works of art, property, cars, and jewellery.
These are some of the lavish purchases Ng allegedly made with the proceeds of his crimes.
Luxury cars
Ng spent more than $21 million on about 20 luxury cars between December 2019 and February 2021. He spent:
- $7.1 million on a Pagani Huayra Coupe;
- $2.1 million on a Rolls-Royce Phantom;
- $1.9 million on a Lamborghini Aventador SV J and a Lamborghini Huracan Evo RWD;
- $670,535 on a Porsche 911 GT3;
- $701,000 on a Mercedes-Benz S63.
Property
Ng spent more than $20 million on four properties between June 2020 and November 2020. He paid:
- $8 million for a property in Coldstream Avenue;
- $5.6 million for a property in Emerald Hill Road;
- $5 million for a shophouse in Bussorah Street;
- $1.97 million for a condominium unit in Jervois Road.
Artwork
Ng bought nearly $5 million worth of artwork between June 2020 and December 2020. He spent:
- $2 million on Red Tone by Singaporean artist Cheong Soo Pieng, and Snow Mountain by Taipei-based artist Liu Kuo-Sung;
- $505,000 on three works by Singaporean artist Chen Wen Hsi;
- $1.08 million on various works, including those by Singaporean artist Lim Tze Peng, Spanish surrealist Salvador Dali and Colombian artist Fernando Botero.
Jewellery and watches
Ng spent $18.3 million on high-end jewellery and luxury watches. He paid:
- $4.4 million for two necklaces, two rings and a watch from Bulgari;
- $3.5 million for a Chopard diamond ring;
- $2.5 million for a promise ring from Graff Diamonds;
- $221,600 for a diamond-encrusted Audemars Piguet Royal Oak watch;
- 712,500 Swiss francs (S$1.08 million) for a ruby and diamond necklace by jeweller Harry Winston and an emerald and diamond necklace by jeweller Fred. - The Straits Times/ANN
