Temasek’s general counsel, other leading lawyers duped in nickel trade scam

“Pek Siok Lan, general counsel for state-owned investor Temasek International, and Thio Shen Yi, joint managing partner of TSMP Law Corporation, are named in new charge sheets against Singapore businessman Ng Yu Zhi, who has been prosecuted for allegedly raising funds from investors for nickel trades that didn’t exist,” reported Bloomberg.

Details: 

• Thirteen additional charges have been filed against Singapore businessman Ng Yu Zhi, managing director of Envy Global Trading and Envy Asset Management.
• Other victims of the fraudulent scheme include Sunil Sudheesan of law firm Quahe Woo & Palmer LLC, and Finian Tan, founder and chairman of Singapore-based VC firm Vickers Venture Partners.

Context: 

• Ng was earlier charged in March for raising S$1 billion (US$745 million) for nonexistent nickel trades. He also allegedly falsified account statements and transfers from Citibank.
• Vickers was reportedly caught up in the scam, and so was Tan in a personal capacity.

See also: Will the Envy misstep tarnish what could be Vicker’s ‘best year’?