Rogue tycoon and wife arrested in Malaysia after 19 years on the run

SINGAPORE: After 19 years of evading justice, Singaporean tycoon Ng Teck Lee, 58, and his wife, Thor Chwee Hwa, 55, were arrested in Johor Bahru, Malaysia, on 3 December 2024.

The couple had been wanted for their roles in an embezzlement case involving over US$51 million (S$72 million).

According to a statement issued by the Corrupt Practices Investigation Bureau (CPIB), Ng, the former CEO and president of recycling firm Citiraya Industries, allegedly orchestrated a scheme to divert electronic scrap meant for recycling into illegal sales overseas.

Instead of processing the materials for precious metal recovery, Ng purportedly repackaged and sold the products in Taiwan and Hong Kong, generating millions in illicit profits.

Investigations revealed that between 2003 and 2004, Ng misappropriated 89 tonnes of electronic scrap from major clients, including AMD, Intel, and Infineon.

His wife, Thor, allegedly facilitated the concealment of these proceeds by opening a Credit Suisse account in Hong Kong.

The couple fled Singapore in January 2005, shortly before the CPIB launched a probe into their activities.

Over the years, CPIB issued Interpol Red Notices, warrants for arrest, and an immigration stop list to locate the fugitives.

On 3 December, their flight from justice ended with their arrest by the Malaysian Anti-Corruption Commission (MACC), who subsequently handed them over to CPIB.

Investigators believe the couple evaded authorities by assuming false identities.

Legal Charges

Ng faces a criminal breach of trust charge under Section 408 of Singapore’s Penal Code for dishonestly misappropriating electronic scraps entrusted to him.

Thor is charged under Section 44(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for aiding in retaining proceeds from Ng’s criminal activities.

The couple will appear in court on 4 December 2024.

Bribery, Fraud, and Misappropriation: How Ng Diverted Scrap Metal for Millions

Ng allegedly orchestrated a complex bribery scheme, involving payments to multiple individuals.

Twelve people were convicted and sentenced to between eight months and eight years in prison for their roles in the crimes.

Rather than processing the electronic scrap entrusted to him, Ng is said to have diverted portions of it with the help of his brother, then the general manager at Citiraya.

The scrap was delivered to a warehouse owned by Ng’s brother-in-law, where it was later sold to syndicates in Taiwan and Hong Kong.

According to a 2008 affidavit by a CPIB officer, Ng facilitated the repackaging of the scrap, which was sold as new products.

Investigations Uncover 89 Tonnes of Misappropriated Scrap

He reportedly coordinated with Citiraya’s chief financial officer to arrange deliveries to buyers in Taiwan and Hong Kong.

The scheme came to light in December 2004 after a complaint was lodged.

A chip, intended for destruction, was discovered in Taiwan during a police operation.

Further investigations revealed that Ng had misappropriated 62 shipments, amounting to approximately 89 tonnes of electronic scrap, between 2003 and 2004.

Described as the mastermind behind the scam, Ng allegedly paid close to S$2 million in bribes to staff and employees of client companies. He fled Singapore on 19 January 2005 and has not returned since.

In 2011, Singaporean authorities ordered the seizure of S$23 million worth of assets linked to Ng, including funds in bank accounts, insurance policies, shareholdings, and proceeds from the sale of two luxury properties—a good class bungalow in Binjai Park and a 7,300 sq ft detached house in Paya Lebar.

This remains CPIB’s largest recorded asset seizure against an individual.

Citiraya Industries, Ng’s former company, was restructured and renamed Centillion Environment and Recycling in 2006.

It later merged with a US-based firm to become Metech International in 2012. Ng no longer holds any roles in Singaporean companies.

CPIB Lauds Cross-Border Cooperation in Arrest of Singaporean Fugitives

Vincent Lim, CPIB’s director of investigations, praised MACC’s assistance, stating: “CPIB would like to thank MACC for their strong support in rendering assistance to CPIB on this case.

“The successful arrest of the two Singaporean fugitives involved in this significant corruption case after almost two decades attests to the longstanding ties and close cooperation between CPIB and MACC.”

“There is zero-tolerance and no safe haven for those who choose to break our laws by engaging in corrupt or criminal activities. CPIB will spare no effort to track them down wherever they may hide and bring them to face justice in Singapore.”