Envy’s ex-directors seek bankruptcy after being found liable for breach of duties in nickel trading fraud
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Judicial Commissioner Mohamed Faizal finds that Lee Si Ye and Ju Xiao breached their duties as directors of Envy group of companies
[SINGAPORE] A director of the insolvent Envy group of companies at the heart of the billion-dollar nickel trading scam has been declared bankrupt, following a court order for her and eight others to repay almost S$900 million.
Another former director, who was also ordered to make the repayment, has applied for bankruptcy as well.
Lee Si Ye was declared bankrupt on Sep 18, a bankruptcy search by The Business Times showed. The 37-year-old applied for her own bankruptcy on Aug 12, less than a fortnight after the High Court ordered that she and eight former directors and employees of the Envy group to return almost S$900 million for eventual distribution to the group’s creditors.
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