SINGAPORE: A Singaporean tycoon and his wife, who evaded capture for nearly two decades in connection with a US$51 million embezzlement case, have been charged with criminal breach of trust and dealing with the benefits of criminal conduct.
On December 4, 2024, Ng Teck Lee, 58, and his wife, Thor Chwee Hwa, 55, appeared in court via video link from the Central Police Division.
According to the latest report of The Straits Times, the couple had fled Singapore in 2005 and were arrested by the Malaysian Anti-Corruption Commission (MACC) in Johor Bahru on December 3, 2024, before being handed over to Singapore’s Corrupt Practices Investigation Bureau (CPIB).
The alleged embezzlement scheme
Ng, the former CEO and president of Citiraya Industries, a now-defunct recycling company, is accused of misappropriating over 6,700kg of electronic scrap in January 2005.
The scrap, sourced from major companies such as Texas Instruments and Infineon Technologies, was allegedly diverted for export rather than being processed for valuable metals.
While the exact value of the stolen material is not detailed in court documents, Ng’s actions are believed to have led to substantial financial gains.
Thor, a former business owner, is charged with helping Ng facilitate the transfer of illicit funds. In 2003, she allegedly assisted him in opening a Credit Suisse account in Hong Kong, where over US$1.1 million was transferred in 2004.
Despite knowing or having reason to believe that her husband was involved in criminal activities, Thor reportedly helped manage the criminal proceeds.
Major asset seizures and ongoing investigation
The couple’s activities came to light during a CPIB investigation, which led to the seizure of over US$23 million in assets in 2011. This remains the largest asset seizure in CPIB history.
The assets, which included bank accounts, insurance policies, and luxury properties, were believed to be proceeds of Ng’s embezzlement schemes. Following their flight in 2005, authorities issued international arrest warrants, including Interpol Red Notices, to track them down.
The case has been adjourned until December 11, with both facing potential penalties. Ng could face up to seven years in prison and a fine if convicted of criminal breach of trust, while Thor faces similar penalties for dealing with the proceeds of crime, in addition to a fine of up to S$200,000.