Former CEO and directors of company linked to S$1.5b nickel investment fraud case charged

SINGAPORE: The peculiar CEO and directors of an organization linked to an alleged billion-buck nickel investment fraud case had been charged on Thursday (Mar 7), mentioned the Monetary Authority of Singapore (MAS).

Shim Wai Han, Doo Chun Ki and Tan Kay Siong held a total lot of high positions in Envysion Wealth Management, currently acknowledged as Hui Xun Asset Management.

Envysion became as soon as a holder of a capital markets services licence for fund management. The corporate became as soon as the supervisor of Envysion Global Investments VCC, which established the Envysion Commodity Arrangement Fund.

The fund became as soon as mature to put money into Envy Global Trading, whose ancient managing director Ng Yu Zhi is on the centre of an alleged billion-buck nickel investment fraud case.

Shim is the ancient CEO of Envysion Wealth, whereas Doo is the ancient chief investment officer and Tan is the ancient chief working officer and chief compliance officer.

MAS’ investigations found that Shim, Doo and Tan had allegedly did no longer build in predicament a suitable risk management framework for the sources that had been managed by the fund. They each face one payment.

They had been also each charged with failing to mitigate conflicts of hobby linked to loans bought by Shim and the referral charges bought by Envysion for investing in Envy Global Trading thru the fund.

Shim also faces one payment of making unfaithful statements when offering a monetary advisory service, and two costs of forwarding to Ng emails between MAS and Envysion.