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SINGAPORE, March 29 - Singapore commodity traderEnvy Global Trading Pte Ltd has removed Ng Yu Zhi from his roleas managing director following investigations by authoritiesinto the firm's nickel trading, the company said in a statement.
Prosecutors in Singapore last week charged Ng, who themanaging director at Envy Global Trading Pte Ltd and Envy AssetManagement Pte Ltd, with cheating and fraud in connection with anickel trading scheme that raised at least S$1 billion ($746million) from investors.
Ng and the company have separately appointed separatelawyers, Envy Global said.
"In the interim, Mr Ng has been removed from his role atEnvy Global Trading immediately and an independent interimmanagement committee has been set up to ensure we continue towork to meet our obligations to clients in full cooperation withthe authorities," Envy said in a statement on Saturday.
Now inactive, Envy Asset Management was a precursor to EnvyGlobal before an internal restructuring in June 2020.
Reuters could not reach Ng for comment. REUTERS