SINGAPORE (Reuters) - Singapore's court has tightened bail terms for a businessman accused of participating in a multibillion-dollar scheme to trade fake nickel after prosecutors said they were working on plans to help him flee the country.
Ng Yuzhi, a former trading company Envy Global Trading (EGT) and inactive company Envy Asset Management, was implicated by authorities in a fraudulent scheme that raised at least S$1.5 billion ($1.12 billion) from investors.
Prosecutors said police uncovered a conspiracy involving at least three people to help Wu flee the city by land or sea, but the investigation did not reveal the extent of Wu's involvement.
According to Monday's court proceedings, Wu's bail increased from the previous S$1.5 million to S$4 million. Wu's lawyer did not immediately respond to a request for comment.
Ng, 34, who was removed from his position as chairman and general manager of EGT, faces 31 program-related charges that he has not commented publicly on.
KPMG, the court's interim justice manager appointed to Wu, estimated his monthly personal expenses were about S$2 million, including private jet travel, nightclubs, alcohol, luxury cars and gifts for close associates.
KPMG's report, which was circulated to investors on July 2, estimated that Ng's Envy Group had a net outflow of approximately S$475 million.
KPMG data shows a net inflow of S$841.5 million from investors, some of which is used to cover staff, referral fees and other expenses.
($1 = 1.3431 Singapore Dollar)