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Collin Furtado · · 1 min readSingapore VC firm Vickers Venture caught up in suspected nickel scam
“Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority,” reported Bloomberg.
Details:
- The venture capital is one of biggest investors to become entangled in the alleged US$740 million scam, which could be the largest investment swindle Singapore has seen, according to authorities.
- Finian Tan, founder of Vickers Venture said he was a personal investor in the financing funds offered by Envy Global Trading, which authorities think involve fraudulent contracts. He also said that Singaporean trader Ng Yu Zhi is an investor of a company that invested in Vickers Venture.
Context:
- Zhi was recently charged with several crimes, including faking the buying and selling of nickel as well as falsifying transfers from Citibank and account statements that showed millions of funds.
- Tan was an early investor in Chinese tech giant Baidu. Vickers Venture has US$953 million in assets under management.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
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