Singapore trial begins on alleged 'ponzi' oil scheme involving C$175m

Singapore

OVER 1,000 investors across Asia have come before the Singapore courts to sue a Singaporean whom they allege to be the mastermind of a ponzi oil investment scheme that defrauded thousands of investors of C$175 million (S$180 million).

The trial, which will begin on Tuesday, stems from a collective action brought forth via POA Recovery - a special purpose vehicle set up to help investors from different legal jurisdictions recover alleged damages - against Yau Kwok Seng, Capital Asia Group (CAG) and Capital Asia Group Oil Management.

Mr Yau, who employed a decentralised network of marketers, had promised investors 12 per …

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL