Singapore's very own Jho Low - Ng Yu Zhi fuelled a 1B fraud. What do you think are the lessons learnt from this?

Money grows money. The fraud allegations against Ng centre on his dealings at Envy Asset Management and Envy Global Trading, companies he controlled and where he was a director. Of the more than S$1 billion that was invested in the companies, S$300 million was transferred to Ng’s personal account while an estimated S$200 million remains unaccounted for, prosecutors alleged in court proceedings last month.

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Kenneth Lou

05 Jul 2021

Co-founder at Seedly

Biggest lesson for me, is to do your own due dilligence. Even many lawyers, traditionally smart people lost money in this massive scam, blinded by overly impressive returns.

Second lesson is to spot a scam, follow the money trail.. Usually the early people get their money back, while all other followers lose big time. "While investors received payments worth S$700 million, they’re owed another S$1 billion based on the face value of outstanding contracts, prosecutors said."

Third lesson, is that at least the people who lost money are from the wealthier HNWI segment. Not everyday investors which provide great assurance that at least for retail investors, proper safe guards and audits will be there... Imagine 1MDB happening with our CPF money, that would be horrendous.

"The fraud allegations against Ng centre on his dealings at Envy Asset Management and Envy Global Trading, companies he controlled and where he was a director. Of the more than S$1 billion that was invested in the companies, S$300 million was transferred to Ng’s personal account while an estimated S$200 million remains unaccounted for, prosecutors alleged in court proceedings last month."

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