Compliance & Regulation

Singapore regulator reviews fund manager over nickel trading scheme

The Monetary Authority of Singapore (MAS) is conducting a supervisory review of Envysion Wealth Management Pte Ltd following an alleged fraud involving nickel trading by two other companies.

Reuters reported that review follows a police investigation, announced last month, of Envy Global Trading Pte and Envy Asset Management Pte for alleged fraud after they raised funds from investors that were meant to finance nickel trading.

The regulator’s statement said that Ng Yu Zhi, a director at both Envy Global Trading and Envy Asset Management, is alleged to have cheated Envysion Wealth Management and its founder and chief executive Shim Wai Han of at least SGD 48 million (USD 35.80 million).

The regulator’s review is to ascertain if there have been governance or risk management failures by the board and senior management of Envysion Wealth Management, a MAS-licensed fund manager, the statement said.

MAS said it has directed Envysion Wealth Management to cease accepting new monies for investment into Envy Global Trading’s nickel scheme and to appoint an independent third party to oversee all transactions of the fund’s bank accounts.