Liquidators are making significant headway in recovering funds lost in the alleged nickel trading fraud orchestrated by Ng Yu Zhi, potentially clawing back over $900 million from his associates. This victory marks a crucial step in compensating investors who were reportedly caught up in the elaborate Ponzi scheme.

The legal proceedings have seen a Singapore director held liable for a staggering US$654 million, representing a substantial portion of the missing funds. This ruling underscores the severity of the alleged fraud and the consequences faced by individuals implicated in the scheme.

The case revolves around accusations of fraudulent nickel trading that reportedly defrauded investors of approximately S$1.5 billion. In a separate but related development, a court has granted liquidators the authority to reclaim bonuses and commissions previously paid to former staff of the Envy companies, the entities at the center of the alleged scam. This move aims to recover funds that were potentially distributed based on the proceeds of the fraudulent activity.

Adding to the growing success of the recovery efforts, nine former directors and employees have been ordered to repay almost S$900 million to the Envy companies. These orders stem from lawsuits alleging fraudulent nickel trading practices. The liquidators' ability to secure these repayments demonstrates their commitment to pursuing all avenues to recover lost assets and provide redress to the affected investors. The ongoing legal battles highlight the complexities of unraveling the alleged Ponzi scheme and the determination of authorities to hold those responsible accountable for their actions. The recovery of such a substantial sum offers a glimmer of hope for investors seeking to recoup their losses.