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Three former C-suites involved in nickel trading scam of 2021 charged in court; face fines and jail term

Nicole Lim
·2-min read

MAS says Shim, Doo and Tan “connived in Envysion’s failure”. They face fines of up to $50,000, and possible jail term for Shim.

Three former C-suites of Envysion Wealth Management, the fund management company linked to the $1 billion nickel trading scam first uncovered in 2021, have been charged in court today, according to a release by the Monetary Authority of Singapore (MAS).

Former CEO Shim Wai Han, former CIO Doo Chun Ki, and former COO and CCO Tan Kay Siong were charged under the securities and futures (licensing and conduct of business) regulations (SF(LCB)R) and the securities and futures act (SFA).

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The MAS found that Shim, Doo and Tan had “connived in Envysion’s failure” to put in place an appropriate risk management framework with regards to its assets under management of the fund.

The state regulator adds that the three failed to mitigate conflicts of interest related to loans received by Shim, and referral fees received by Envysion for investing into a company Envy Global Trading through the fund.

To recap, from the period of October 2017 and February 2021, former director of Envy Global Trading Ng Yu Zhi had scammed investors through a nickel investment scheme with at least $1 billion in funds involved. He also cheated at least $48 million from Envysion Wealth Management.

Some of Ng’s victims were top legal professionals, including Pek Siok Lan, then general counsel for Temasek, and Thio Shen Yi, joint managing partner of TSMP Law Corporation.

While all three former C-suites are prosecuted under the SF(LCB)R and SFA, Shim’s charges carry two more accounts.

The first is for making false statements in connection with the provision of a financial advisory service, and the other for forwarding email correspondence between MAS and Envysion, to Ng.

If convicted, the three may face fines of up to $50,000 for each charge under the SF(LCB)R and the SFA. For her two extra charges, Shim may face imprisonment for a term of 12 months to 2 years, or a fine of up to $50,000, or both.

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