Marathons in China have evolved beyond athletic events into vibrant travel trends.
Ng Yu Zhi is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors. - Lianhe Zaobao via ST/ANN
The cars included two Rolls-Royce Phantom EWB luxury saloons, top-of-the-range models which have more legroom.Details of the purchases emerged on April 11, when car dealer Michael Ho took the stand in Ng’s ongoing criminal trial in the High Court. But on April 9, a liquidator of the Envy companies, Tan Siang Hwee, testified that the purported nickel-trading business did not exist, and that Ng’s business can be considered a Ponzi scheme in layman’s terms.On April 11, Ho, a director of F1 Autos and F1 Auto Cars, testified about the details surrounding the cars and car registration plates that Ng had bought from his companies.
In cross-examination, Ng’s lawyer, Nichol Yeo, noted that his client owned a company called Envy Motors, which traded in cars as well as car licence plates.The defence lawyer also pointed out that Ng had paid for the purchases through cheques or fund transfers, rather than cash or cryptocurrency. Ho agreed.
Billion-Dollar Nickel Scam Ng Yu Zhi S$7 Million Luxury Cars
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