S$1.2b nickel trading scam: Trio charged with conspiring to offer businessman chance to flee Singapore

SINGAPORE — Three men were charged on Tuesday (Oct 26) with trying to help a businessman, who is alleged to be behind one of Singapore’s largest financial fraud cases, to flee the country.

The trio allegedly contacted various people with the intention to offer Ng Yu Zhi, a former director of commodities trader Envy Global Trading, a way to leave Singapore unlawfully, the police said in a statement.

All three men were charged with conspiring to obstruct the course of justice, an offence under the Penal Code that carries a maximum penalty of seven years in jail and a fine.

They are: Keeren Marcus Phang Guan Wei, 31; Alvin Oey Wei Zhong, 37; and Ding Kuon Chwo, 63.

Ng, 34, who is now a director of the inactive trading firm Envy Asset Management, faces a total of 69 charges for cheating investors of at least S$1.2 billion through a nickel trading scheme linked to his companies.

Some of his alleged victims that were 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.

Ng is on bail for S$4 million and is expected to be back in court on Dec 20.

The police said the trio had allegedly known that Ng had been charged in the State Courts and was being investigated by the authorities.

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

During the probe, the police found out that Oey and Ding were allegedly planning to offer to help Ng escape from Singapore. They were also believed to have made enquiries of Ng’s interest to do so. 

“(We) took immediate steps to prevent the offence and arrested the 31-year-old man who was allegedly involved as well,” the police said, adding that they take a firm stance against persons involved in or attempting to obstruct the course of justice.

“Tough enforcement action will be taken against persons who break the law and they will be prosecuted and punished in accordance with the law.”

Oey and Ding were also each charged with two offences under the Remote Gambling Act for gambling unlawfully using a remote gambling service and providing such services to others.

In total, Oey faces three charges under the Remote Gambling Act as he had been charged once before, the police added.

Both men face up to six months’ jail and a fine of S$5,000 for illegal gambling. They can also be jailed for up to five years and fined up to S$200,000 for providing unlawful remote gambling services to other people.