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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Liquidators Seek to Recover S$855 Million in Singapore Nickel Scandal

The liquidators of three companies involved in the nickel scandal allegedly orchestrated by Ng Yu Zhi are seeking a court order to recover about S$855 million (US$637 million) from Ng and three other individuals, the Straits Times reported.

Key Details

  • Defendants: Ng Yu Zhi, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng.
  • Legal Action: The liquidators of Envy Global Trading, Envy Asset Management, and Envy Management Holdings filed a lawsuit in November 2021 to recoup investors' funds.
  • Civil Trial: The trial commenced on July 30 at Singapore’s High Court. Ng, currently in remand, did not attend the trial.

Background

  • Allegations: Ng Yu Zhi is accused of raising funds from investors for fictitious nickel trades. In 2021, Bloomberg reported that hundreds of investors had invested in the purported US$1.1 billion scheme linked to Ng’s Envy Group, which promised average quarterly gains of 15%.
  • Investor Impact: The scheme attracted significant investment from numerous individuals, under the false pretense of lucrative nickel trading.

Legal Proceedings

The civil trial aims to establish the liability of Ng and the other defendants for the substantial financial losses suffered by investors due to the fraudulent scheme. The liquidators are focused on recovering the misappropriated funds to compensate the affected investors.

Current Status

As the trial progresses, the court will hear evidence and arguments from both sides to determine the extent of the defendants' liability and the potential recovery of the funds. The outcome will have significant implications for the investors and the defendants involved in this high-profile case.

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