Ng Yu Zhi is also facing 106 criminal charges over his alleged involvement in the $1.5 billion scam.
Ng Yu Zhi at the State Courts in January 2023. Ng and three others were sued in November 2021 by liquidators.
Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors, lawyers David Chan and Lin Ruizi of Shook Lin & Bok said in opening statements filed on behalf of the liquidators. But the defendants’ “obliviousness in the face of countless red flags must mean that they comprehensively breached all duties and responsibilities which they owed to the Envy companies”, they argued.
Ms Lee, who was not represented by a lawyer, told the court she did not think the scheme was a fraud. They added that this was done to mislead investors into thinking it was a freshly purchased shipment from Poseidon Nickel, the liquidators said. “He has admitted to deleting his WhatsApp chat history with Ng after CAD’s investigations began... The only explanation is that he wanted to conceal his own role in the Ponzi scheme,” they said.
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