Man jailed 3 months over failed plot to help businessman in alleged S$1.2b fraud flee Singapore

SINGAPORE — Enticed by an apparent hefty financial reward to help a businessman who is an alleged fraudster abscond from Singapore, Keeren Marcus Phang Guan Wei roped two acquaintances into his conspiracy.

However, Phang never managed to contact the businessman Ng Yu Zhi, who is accused of being behind one of the country's largest financial fraud cases. The conspirators never told Ng about their plans for him to escape either.

Phang, 32, was sentenced to three months’ jail on Wednesday (March 9) after pleading guilty to one count of obstructing the course of justice.

One of his accomplices, Alvin Oey Weizhong, 37, was already jailed over the scheme in January. The other accomplice, Ding Kuon Chow, 63, has been charged and is set to plead guilty later this month.

The police discovered the escape plot when investigating remote gambling offences involving Oey and Ding.

The court heard that shortly after Ng was charged in April last year, Phang heard rumours about an “Envy car shop boss” intending to flee Singapore after he ran into trouble with the law, and that a big financial reward was being offered to facilitate this.

Ng is a former director of commodities trader Envy Global Trading and a director of the inactive trading firm Envy Asset Management.

He is accused of defrauding investors of more than S$1 billion in a nickel-trading scheme.

Some of his alleged victims who have been named include Ms Pek Siok Lan, general counsel for Temasek International, an investment arm of state investor Temasek Holdings; criminal lawyer Sunil Sudheesan; and Mr Thio Shen Yi, former president of the Law Society of Singapore.

Phang suspected that the "car shop boss” he heard about was Ng. He told Oey to check if he could help someone unlawfully leave Singapore for Malaysia, and offered him a reward of S$50,000 to S$100,000 for his help.

Oey then called Ding and told him to find a way to transport someone to Malaysia illegally.

About two weeks later, Phang told Oey that the person they were meant to help was Ng and that his criminal case had been reported in the news.

Sometime later, Ding told Oey that he had managed to find an “Ah Seng” who suggested leaving by boat from Singapore to Batam, Indonesia, and then to Malaysia.

Oey reported this to Phang and asked him to check with Ng on this arrangement. Phang replied that he had trouble contacting the businessman and would call Oey once he succeeded.

Phang proceeded to approach Ng’s associate, Teo Yong Huei, 45, and asked for Ng’s contact number. Teo rejected him and did not contact Ng on his behalf.

Phang then told Oey he still could not reach Ng. The plot ultimately failed.

Those convicted of obstructing justice can be jailed for up to seven years and fined.