Asian equities began the week on a subdued note as high U.S. Treasury yields tested Wall Street's lofty valuations, keeping the U.S. dollar near multi-month highs. Market Performance : MSCI Asia-Pacific Index dipped 0.2% but remains 16% up for the year. Japan’s Nikkei slid 0.9%, still boasting a 20% annual gain. Chinese blue chips rose 0.3%, with most of their 16% yearly gain achieved after Beijing’s September stimulus promises. South Korea's index edged up 0.3% but is down 9% for the year, weighed by political uncertainties and events like Jeju Air’s recent plane crash. Global Futures : EUROSTOXX 50 futures gained 0.1%. U.S. futures saw slight declines, with S&P 500 and Nasdaq futures down 0.1%. Economic Drivers and Concerns U.S. Treasury Yields : Yields on 10-year Treasuries are near eight-month highs at 4.631%, up 75 basis points for the year. Rising yields reflect revised expectations of less restrictive monetary policy, raising concerns about potential impacts on corpo...
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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