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SINGAPORE: Accused swindler Ng Yu Zhi has been given a fresh charge for entering into an agreement with a man over a bail sum of S$1.5 million (US$1.16 million).
Ng, 38, allegedly entered into an agreement with Chua Eng Kiam sometime before Jun 28, 2023.
Under this agreement, Ng indemnified Chua against any liability which he may incur as a bailor for Ng.
As part of the agreement, Ng allegedly provided Chua the sum of S$1.5 million to secure Ng's release on bail for a High Court case.
Chua, a 68-year-old Singaporean man, was charged last week and indicated that he would plead guilty.
Under the Criminal Procedure Code, any agreement indemnifying or purporting to indemnify any person against liability that person may incur as a bailor is void.
Ng is currently on trial in the High Court for multiple charges, including forgery, handling benefits from criminal conduct, cheating, fraudulent trading and criminal breach of trust.
The businessman, who ran Envy Global Trading and Envy Asset Management, is at the heart of an alleged nickel investment fraud involving almost S$1.5 billion.
The prosecution charged that he attracted hundreds of investors over five years from February 2016 with his companies' purported physical nickel trading.
Ng then lived lavishly on the proceeds of the fraudulent scheme, alleged the prosecutors, withdrawing at least S$201.2 million from Envy Global Trading to his personal bank accounts and spending it on expensive artwork, property, cars and jewellery.
Over six years, Ng's companies received a total of S$1.46 billion in investments from 947 investors. Of this, about S$482 million was channelled to Ng's personal bank accounts.
Ng declined to testify. The case was adjourned, with a verdict to be given at a later date.
Ng was initially on bail running into the millions, but he was remanded after breaking bail conditions by allegedly committing fresh offences.
If convicted of entering into an agreement to indemnify a person against any liability as a bailor, Ng could be jailed for up to three years, fined, or both.
