ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v NG YU ZHI & 3 Ors

[2025] SGHC 143 High Court (General Division) 29 July 2025 • HC/S 942/2021 • 194 min read
65 cases cited (53 SG, 12 foreign) Cited by 2 cases

Catchwords

Companies — Directors — Duties Restitution — Unjust enrichment Evidence — Witnesses — Privilege Companies — Directors — Dividends Debt and Recovery — Right of set-off Damages — Joint and several liability Tort — Conspiracy — Unlawful means conspiracy Trusts — Accessory liability — Knowing receipt Trusts — Accessory liability — Dishonest assistance Civil Procedure — Affidavits — Affidavit of evidence-in-chief Insolvency Law — Avoidance of transactions — Intent to defraud Insolvency Law — Avoidance of transactions — Unfair preferences Insolvency Law — Avoidance of transactions — Transactions at an undervalue

Practice Areas

Companies Restitution Evidence Debt and Recovery Damages Tort Trusts Civil Procedure Insolvency Law

Judges (1)

Mohamed Faizal Delivered

Parties (10)

Envy Asset Management Pte Ltd (in liquidation) Plaintiff Envy Global Trading Pte Ltd (in liquidation) Plaintiff Envy Management Holdings Pte Ltd (in liquidation) Plaintiff Bob Yap Cheng Ghee Plaintiff Cheong Ming Feng Defendant Ju Xiao Defendant Lee Si Ye Defendant Ng Yu Zhi Defendant Tay Puay Cheng Plaintiff Toh Ai Ling Plaintiff

Case Significance

[2025] SGHC 143 is a High Court (General Division) decision dated 29 July 2025 concerning Civil Procedure, Companies, Damages, Debt and Recovery, Evidence, Insolvency Law, Restitution, Tort, and Trusts, specifically addressing directors, unjust enrichment, and witnesses. The judgment was delivered by Mohamed Faizal. The case was brought by Envy Asset Management Pte Ltd (in liquidation) and others (plaintiff) against Cheong Ming Feng and others (defendant). The judgment cites 65 cases (53 Singapore, 12 foreign) and references 8 statutory provisions, including the Companies Act, the Conveyancing and Law of Property Act, and the Evidence Act. This decision has been cited by 2 subsequent judgments in the dataset.

[2025] SGHC 143 explained

ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v NG YU ZHI & 3 Ors ([2025] SGHC 143) is a Singapore judgment decided by the High Court (General Division) on 29 July 2025. It is categorised under Companies, Restitution, Evidence, Debt and Recovery, Damages, Tort, Trusts, Civil Procedure, and Insolvency Law. Within this corpus it has since been cited by 2 other reported Singapore judgments, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2025] SGHC 143 about?

ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v NG YU ZHI & 3 Ors ([2025] SGHC 143) is a High Court (General Division) decision from 2025. Its published catchwords are “Companies — Directors — Duties”, “Restitution — Unjust enrichment”, “Evidence — Witnesses — Privilege”, and “Companies — Directors — Dividends”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

Which legislation does [2025] SGHC 143 consider?

The judgment refers to Companies Act (Cap 50), Conveyancing and Law of Property Act (Cap 61), Evidence Act (Cap 97), and Insolvency Act, among other provisions. The statutes cited are listed in full on this page, each linking to its primary text.

What earlier Singapore cases does [2025] SGHC 143 cite?

Among the in-corpus authorities it refers to are [2025] SGHC 144 and [2024] SGHC 46. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.

How influential is [2025] SGHC 143?

Within this corpus, [2025] SGHC 143 has been cited by 2 later reported Singapore judgments. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

Summary

The liquidators of the Envy Companies, vehicles for Singapore's largest Ponzi scheme involving over S$1.5 billion in nickel-trading fraud, pursued claims against three defendants — two directors and an employee — for breach of fiduciary duties, knowing receipt, unjust enrichment, and avoidance of transactions. The court found the defendants liable for various sums including profit-sharing, commissions, and salary payments, ordering repayment totalling tens of millions of dollars.

What was decided in [2025] SGHC 143?

[2025] SGHC 143 (ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v NG YU ZHI & 3 Ors) is a High Court (General Division) decision from 29 July 2025 addressing Civil Procedure, Companies, Damages, Debt and Recovery, Evidence, Insolvency Law, Restitution, Tort, and Trusts, specifically directors, unjust enrichment, and witnesses. The judgment was delivered by Mohamed Faizal.

Who were the parties in ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v NG YU ZHI & 3 Ors?

The plaintiff in [2025] SGHC 143 was Envy Asset Management Pte Ltd (in liquidation), Envy Global Trading Pte Ltd (in liquidation), and the defendant was Cheong Ming Feng, Ju Xiao. The case was decided on 29 July 2025 in the High Court (General Division).

Which judge decided [2025] SGHC 143?

[2025] SGHC 143 was delivered by Mohamed Faizal in the High Court (General Division) on 29 July 2025. The case concerned Civil Procedure, Companies, Damages, Debt and Recovery, Evidence, Insolvency Law, Restitution, Tort, and Trusts.

What cases and statutes does [2025] SGHC 143 cite?

[2025] SGHC 143 cites 65 prior decisions, including 12 from foreign jurisdictions. It references Companies Act, Conveyancing and Law of Property Act, Evidence Act. The decision has itself been cited by 2 subsequent judgments.

Statutes Cited

Companies Act (Cap 50) Cases on this Act →
s 340(1) s 403(1) s 403(2)(b)
Conveyancing and Law of Property Act (Cap 61) Cases on this Act →
s 73B(1)
Evidence Act (Cap 97) Cases on this Act →
s 134(1) s 134(2) s 3(3)
Insolvency Act Cases on this Act →
s 423
Insolvency, Restructuring and Dissolution Act Cases on this Act →
Interpretation Act (Cap 1) Cases on this Act →
Law of Property Act Cases on this Act →
s 172
Restructuring and Dissolution Act Cases on this Act →

Cases Cited (65)

SG (8)
[2002] SGHC 310 [2017] SGHC 15 [2017] SGHC 317 [2021] SGHC 81 [2022] SGHC 7 [2023] SGHC 342 [2024] SGHC 46 [2025] SGHC 144
SLR (45)
[1999] 3 SLR(R) 543 [1999] 3 SLR(R) 771 [2004] 1 SLR(R) 434 [2004] 3 SLR 596 [2004] 4 SLR(R) 162 [2004] 4 SLR(R) 365 [2004] 4 SLR(R) 424 [2005] 1 SLR(R) 502 [2005] 3 SLR(R) 263 [2005] 4 SLR(R) 561 [2006] 4 SLR(R) 969 [2007] 2 SLR(R) 983 [2008] 2 SLR(R) 909 [2010] 2 SLR 589 [2010] 3 SLR 110 [2010] 4 SLR 1089 [2011] 3 SLR 540 [2011] 4 SLR 948 [2012] 3 SLR 1038 [2012] 3 SLR 864 [2014] 1 SLR 860 [2014] 3 SLR 329 [2016] 2 SLR 881 [2016] 3 SLR 1006 [2017] 3 SLR 839 [2018] 1 SLR 271 [2018] 2 SLR 333 [2019] 1 SLR 83 [2019] 2 SLR 254 [2019] 4 SLR 433 [2020] 1 SLR 395 [2021] 1 SLR 1337 [2021] 2 SLR 478 [2022] 1 SLR 136 [2022] 2 SLR 158 [2023] 1 SLR 1648 [2023] 3 SLR 1370 [2023] 3 SLR 533 [2023] 3 SLR 590 [2024] 1 SLR 893 [2024] 3 SLR 1457 [2024] 4 SLR 616 [2025] 1 SLR 141 [2025] 3 SLR 1315 [2025] 3 SLR 235
UK (12)
[1979] 1 WLR 898 [1996] AC 514 [1996] AC 563 [1997] AC 254 [2002] 2 All ER 377 [2003] 1 AC 153 [2006] 1 All ER 333 [2008] 1 AC 1 [2010] 2 WLR 238 [2012] EWHC 1480 [2019] 2 All ER 784 [2024] 2 WLR 237

Cited By (2)

[2025] SGHC 158
SENG YONG YI, LUCAS v PUBLIC PROSECUTOR
[2025] SGHC 144
ENVY ASSET MANAGEMENT PTE. LTD. (IN LIQUIDATION) & 5 Ors v LAU LEE SHENG & 7 Ors

Referenced in

Statutes interpreted in this judgment

Companies Act Conveyancing and Law of Property Act Evidence Act Insolvency Act Insolvency, Restructuring and Dissolution Act Interpretation Act Law of Property Act Restructuring and Dissolution Act

Legal concepts & references

Civil Procedure — Affidavits Companies — Directors Debt and Recovery — Right of set-off Evidence — Witnesses Insolvency Law — Avoidance of transactions Restitution — Unjust enrichment Tort — Conspiracy

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2025] SGHC 143)