19 Year Hunt For Singapore Tycoon Ends With Macc Arrest In Johor

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Ng Teck Lee was CEO and president of then listed company Citiraya Industries, a firm in the business of recycling and recovering precious metals from electronic scrap. (CPID pic)
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) yesterday arrested fugitive Singaporean businessman Ng Teck Lee and his wife, Thor Chwee Hwa, over an embezzlement case involving more than US$51 million.
According to The Straits Times, the duo had been on the run for 19 years, during which they evaded the authorities by assuming different identities.
MACC handed over the couple to Singapore’s Corrupt Practices Investigation Bureau (CPIB) on the day of their arrest.
Ng, 58, was the CEO and president of then listed company Citiraya Industries, a firm in the business of recycling and recovering precious metals from electronic scrap, such as used computer chips.
However, instead of crushing items to recover precious metals from the scrap, Ng purportedly sold the products overseas. Thor, 55, was allegedly an accomplice.
The duo fled the country when the CPIB began investigating the case in 2005.
In 2008, investigations revealed that Ng had purportedly gained more than US$51 million, which was worth around S$72 million at the time, from his scheme.
The couple is expected to be charged today.
It is understood that Ng will be charged with criminal breach of trust, while Thor will face one charge under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
Ng allegedly bribed several people as part of his scheme, with 12 people already sentenced to prison terms ranging from eight months to eight years for their involvement.
Ng, described as the syndicate’s mastermind, allegedly paid out almost S$2 million in bribes to his employees and some of his clients’ workers.
Modus operandi
Ng allegedly removed a portion of the electronic scrap the firm received by asking his brother, who was then Citiraya’s general manager, to deliver the material to a warehouse belonging to Ng’s brother-in-law.
According to CPIB, Ng sold the scrap to syndicates in Taiwan and Hong Kong, after which it was repackaged and sold as new.
Ng’s misconduct resurfaced after a complaint in December 2004, when a chip from a US-based client that was supposed to be scrapped was found in Taiwan following a police inspection.
It was later uncovered by CPIB that Ng had allegedly misappropriated around 89 tonnes, or 62 shipments, of electronic scraps between 2003 and 2004.
Asset seizure
In 2011, an order was made to seize some S$23 million worth of assets from Ng, including those registered under his wife’s name. This continues to be the largest asset seizure involving a single person ever recorded by the CPIB.
The assets include money in various accounts, insurance policies, shareholdings in various firms, proceeds from the sale of a bungalow, and a 7,300 square foot residence in Paya Lebar. - FMT

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