China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Singapore commodity trader Envy Global Trading Pte Ltd has removed Ng Yu Zhi from his role as managing director following investigations by authorities into the firm’s nickel trading, the company said in a statement.
Prosecutors in Singapore last week charged Ng, who the managing director at Envy Global Trading Pte Ltd and Envy Asset Management Pte Ltd, with cheating and fraud in connection with a nickel trading scheme that raised at least S$1 billion ($746 million) from investors.
Ng and the company have separately appointed separate lawyers, Envy Global said.
“In the interim, Mr Ng has been removed from his role at Envy Global Trading immediately and an independent interim management committee has been set up to ensure we continue to work to meet our obligations to clients in full cooperation with the authorities,” Envy said in a statement on Saturday.
Now inactive, Envy Asset Management was a precursor to Envy Global before an internal restructuring in June 2020.
Reuters could not reach Ng for comment.
(By Chen Lin and Mai Nguyen; Editing by Richard Pullin)
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