UncleAtas Turbocharged April 4, 2021 Share April 4, 2021 Damn. I was just admiring their SRT for the longest time. ↡ Advertisement Link to post Share on other sites More sharing options...
sgcarreviews Neutral Newbie April 9, 2021 Share April 9, 2021 Envy director charged with cheating and fraud has links to vehicle firms Source: Business Times Article Date: 31 Mar 2021 Author: Leila Lai According to data from ACRA, Ng holds 500,000 shares in Envy Motors, a car dealership specialising in classic, luxury and vintage automobiles, and 22,100 shares in electric mobility startup Swag EV. Ng Yu Zhi, a businessman under probe for alleged fraud related to nickel trading, has interests in two vehicle firms dealing in automobiles and electric scooters. According to data drawn from the Accounting and Corporate Regulatory Authority (ACRA) by data analysis firm Handshakes, Ng holds 500,000 shares in Envy Motors, a car dealership that specialises in classic, luxury and vintage automobiles. He is also one of its two directors; the other director is Envy Motors chief executive Jordan Chua, who holds an equal stake in the firm. Envy Motors' latest financials showed a S$52,747 loss after tax for the period of April 2019 to December 2019. In addition, Ng holds 22,100 shares in electric mobility startup Swag EV. He was a director of the company until March 12, 2021. Mr Chua, the Envy Motors CEO, holds 5,200 shares in Swag EV. Swag EV is registered in Singapore, but appears to operate primarily in Thailand where it launched two models of electric motorcycles in Jan 2020. In October 2020, it received US$5 million in funding from Energy Efficiency Services Limited, a major public energy service company owned by the government of India. One of the startup's co-founders and directors is Veronica Shim, who is also the founder and chief executive of Envysion Wealth Management. Ng is accused of swindling Envysion Wealth Management out of S$35.7 million and US$9.2 million, as well as swindling Ms Shim out of S$955,000 for receivables due from another company when no such payments were forthcoming. The Envy Motors website lists two addresses for the company: a two-unit location in Ang Mo Kio, and a three-unit showroom located at 237 Alexandra Road. However, a visit to the Ang Mo Kio location revealed that the space has been occupied by a gym equipment retailer since September 2020. The Envy Motors showroom at Alexandra Road is also listed as the local address for Swag EV on its website. When The Business Times (BT) visited at around 3.30pm on March 24, the lights in the showroom were turned on, but the doors were locked and there appeared to be no staff on duty. BT's queries to both companies about their links to Ng went unanswered. Ng was charged with cheating and fraud earlier in March. At least S$1 billion is believed to have been invested with two firms where he was a director, for the purported sale and purchase of nickel. Bloomberg reported on March 27 that Ng has been removed from his managing director role at one of the firms, Envy Global Trading, and the firm has been placed under the care of an independent interim management committee. The other firm, Envy Asset Management, is no longer active, according to an external representative of Envy Global Trading. https://www.singaporelawwatch.sg/Headlines/envy-director-charged-with-cheating-and-fraud-has-links-to-vehicle-firms 2 Link to post Share on other sites More sharing options...
sugarhill 1st Gear April 17, 2021 Share April 17, 2021 I know of a few fellows whom got very very good deals on cars sold by Envy Motors. It pays to buy from dealers who are connected to money laundering, allegedly. 1 Link to post Share on other sites More sharing options...
Ct3833 Supersonic April 18, 2021 Share April 18, 2021 8 hours ago, sugarhill said: I know of a few fellows whom got very very good deals on cars sold by Envy Motors. It pays to buy from dealers who are connected to money laundering, allegedly. But better not get caught when the music stops. 😀 Link to post Share on other sites More sharing options...
sgcarreviews Neutral Newbie April 28, 2021 Share April 28, 2021 On 4/18/2021 at 1:13 AM, sugarhill said: I know of a few fellows whom got very very good deals on cars sold by Envy Motors. It pays to buy from dealers who are connected to money laundering, allegedly. Seems like have removed themselves from SGcarmart. The young CEO Jordan Chua was running Envy Motors, business partner with Ng Yu Zhi. Despite Envy Motors losing money (according to the Business Times article above), he bought a new condo at marina bay area. Wonder whether he will also get into trouble? Link to post Share on other sites More sharing options...
Ho2786 4th Gear April 28, 2021 Share April 28, 2021 I don't need to envy him anymore. Link to post Share on other sites More sharing options...
Weez911 Supersonic June 28, 2021 Share June 28, 2021 https://www.straitstimes.com/singapore/courts-crime/notable-names-among-alleged-victims-in-new-cheating-charges-against Wa Temasek lawyer lost 5.5m. This means Ho Ching is really really rich by common sense association. Well done. 1 2 Link to post Share on other sites More sharing options...
BanCoe Hypersonic June 28, 2021 Share June 28, 2021 4 minutes ago, Weez911 said: https://www.straitstimes.com/singapore/courts-crime/notable-names-among-alleged-victims-in-new-cheating-charges-against Wa Temasek lawyer lost 5.5m. This means Ho Ching is really really rich by common sense association. Well done. The people whom lost money is one thing but their names splashed out with amounts for quick buck (feeling like damn malu) (15% in a quarter) is like 60% PA ...... greed .... easy come easy go 3 1 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear June 28, 2021 Share June 28, 2021 28 minutes ago, Weez911 said: https://www.straitstimes.com/singapore/courts-crime/notable-names-among-alleged-victims-in-new-cheating-charges-against Wa Temasek lawyer lost 5.5m. This means Ho Ching is really really rich by common sense association. Well done. Well, it is common knowledge that Ho Ching does NOT make 100 mil per annum. 1 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear June 28, 2021 Share June 28, 2021 29 minutes ago, BanCoe said: The people whom lost money is one thing but their names splashed out with amounts for quick buck (feeling like damn malu) (15% in a quarter) is like 60% PA ...... greed .... easy come easy go it is 75% sir. Link to post Share on other sites More sharing options...
Weez911 Supersonic June 28, 2021 Share June 28, 2021 1 hour ago, BanCoe said: The people whom lost money is one thing but their names splashed out with amounts for quick buck (feeling like damn malu) (15% in a quarter) is like 60% PA ...... greed .... easy come easy go i think more stupidity than greed. Link to post Share on other sites More sharing options...
awhtc 6th Gear June 28, 2021 Share June 28, 2021 He would have required a team of crooks working behind the scene to pull off the stunt. It is likely he was reported by his co-founder. One of the startup's co-founders and directors is Veronica Shim, who is also the founder and chief executive of Envysion Wealth Maknivnagement. Ng is accused of swindling Envysion Wealth Management out of S$35.7 million and US$9.2 million, as well as swindling Ms Shim out of S$955,000 for receivables due from another company when no such payments were forthcoming. 1 Link to post Share on other sites More sharing options...
Volvobrick Supersonic June 28, 2021 Share June 28, 2021 2 hours ago, Weez911 said: i think more stupidity than greed. Those kena cheated are not stupid people.... 2 Link to post Share on other sites More sharing options...
Gizmore Supercharged June 28, 2021 Share June 28, 2021 Looks like Najib good friend. So much money involved. Link to post Share on other sites More sharing options...
BanCoe Hypersonic June 28, 2021 Share June 28, 2021 7 hours ago, ToyotaShuttle said: it is 75% sir. Really ?? Solly- Me oni Preambree Tree studi 1 🤣🤣 1 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear June 29, 2021 Share June 29, 2021 9 hours ago, Volvobrick said: Those kena cheated are not stupid people.... Stupid is as stupid does. 1 Link to post Share on other sites More sharing options...
Watwheels Supersonic June 29, 2021 Share June 29, 2021 On 4/18/2021 at 1:13 AM, sugarhill said: I know of a few fellows whom got very very good deals on cars sold by Envy Motors. It pays to buy from dealers who are connected to money laundering, allegedly. So what if police wants to seize these assets and use them as evidence? Still a good deal? Link to post Share on other sites More sharing options...
Eyke Supercharged December 20, 2021 Share December 20, 2021 (edited) https://str.sg/UHMF Slapped with 6 more charges... Edited December 20, 2021 by Eyke ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Itay Auto-Otaku
Itay Auto-Otaku
Most expensive car in Singapore: Pagani Huayra
Most expensive car in Singapore: Pagani Huayra
DIY W212 side mirror actuator replacement
DIY W212 side mirror actuator replacement
Survey: Which is the best (claims) Motor Insurance company
Survey: Which is the best (claims) Motor Insurance company
Huge fire at Yong Sing Motor Works
Huge fire at Yong Sing Motor Works
Motorist without helmet
Motorist without helmet
Borneo motor cut sales staff comm
Borneo motor cut sales staff comm