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    Singapore regulator reviews fund manager over nickel trading scheme

    2021-03-24 09:42:40   [Print]
    The Monetary Authority of Singapore (MAS) is conducting a supervisory review of Envysion Wealth Management Pte Ltd.Asian Metal Copyright The move followed 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.Asian Metal Copyright following an alleged fraud involving nickel trading by two other companies, it said in a statement on Monday.

    The move followed 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 S$48 million ($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.

    .Asian Metal Copyright following an alleged fraud involving nickel trading by two other companies, it said in a statement on MondayAsian Metal Copyright
    Ferro-nickel 10%min EXW China
    Unit:RMB/dmtu
    Ferro-nickel 10%min EXW China RMB/dmtu
    China nickel sulfate producers' inventory to production ratio statistics by province by month
    Unit: %
    China nickel sulfate producers' inventory to production ratio statistics by province by month
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