AM News| 19-year manhunt for S’porean tycoon involved in S$72 million embezzlement case ends in JB

[administrator88]

After 19 years on the run over an embezzlement case involving more than US$51 million, a rogue Singaporean tycoon and his wife were arrested in Malaysia on Dec 3.

Ng Teck Lee, 58, was the chief executive officer and president of then listed recycling firm Citiraya Industries.

The company was in the business of recycling and recovering precious metals from electronic scrap, such as used computer chips.

Its clients included semiconductor giants such as AMD, Intel and Infineon.

But instead of crushing items to recover precious metals from the scrap, Ng allegedly sent the products overseas to be sold.

The Straits Times reported in 2008 that investigations revealed he had purportedly made more than US$51 million, which was worth around S$72 million at the time, from his schemes.

His wife, Thor Chwee Hwa, 55, was allegedly in cahoots with him, and the two Singaporeans fled the country in 2005 when the Corrupt Practices Investigation Bureau (CPIB) investigated the case.

The agency investigates cases of corruption and the discharging of benefits from criminal conduct, such as money laundering.

For 19 years, the couple evaded capture.

https://www.businesstimes.com.sg/si...nvolved-s72-million-embezzlement-case-ends-jb

Wow the wife is thor. Bring the hammer can fly already

 

[Medicated Oil]

scarly $$ all use riao..
lan lan come out to surrender..

I have faith in them.
They should have enough wealth buried somewhere.
Maybe they are too flashy till some one decided to play them out.

 

[mirukuboi]

please hang them!

 

[Fightfat]

It was rumoured that he went to china cos no extradition treaty.
During those days , he show investors his company can extract gold , silver and melt into bars .
Attracting lots of greedy investors who thought they can turn trash into gold , silver or platinum…
Share prices went from $0.50 to $1.30 if i remember correctly.
1 kg of gold is around $40000 during that time . The cost of the staff , factory outweigh the gold price extract .
So , he did the shortcut in business, which is cheating and fake accounting as well .

 

[MarkerForProjector]

Maybe they got tired of black soup herbal BKT and miss the clear soup peppery teochew BKT..

So surrender to come back.

 

[osirisx]

Most dangerous place is the safest place?

 

[Joseph12]

After 19 years on the run over an embezzlement case involving more than US$51 million, a rogue Singaporean tycoon and his wife were arrested in Malaysia on Dec 3.

Ng Teck Lee, 58, was the chief executive officer and president of then listed recycling firm Citiraya Industries.

The company was in the business of recycling and recovering precious metals from electronic scrap, such as used computer chips.

Its clients included semiconductor giants such as AMD, Intel and Infineon.

But instead of crushing items to recover precious metals from the scrap, Ng allegedly sent the products overseas to be sold.

The Straits Times reported in 2008 that investigations revealed he had purportedly made more than US$51 million, which was worth around S$72 million at the time, from his schemes.

His wife, Thor Chwee Hwa, 55, was allegedly in cahoots with him, and the two Singaporeans fled the country in 2005 when the Corrupt Practices Investigation Bureau (CPIB) investigated the case.

The agency investigates cases of corruption and the discharging of benefits from criminal conduct, such as money laundering.

For 19 years, the couple evaded capture.

https://www.businesstimes.com.sg/si...nvolved-s72-million-embezzlement-case-ends-jb

What's the Issue

He should be applauded for his entrepreneurship for making more money

 

[Evil_Boss]

It was rumoured that he went to china cos no extradition treaty.
During those days , he show investors his company can extract gold , silver and melt into bars .
Attracting lots of greedy investors who thought they can turn trash into gold , silver or platinum…
Share prices went from $0.50 to $1.30 if i remember correctly.
1 kg of gold is around $40000 during that time . The cost of the staff , factory outweigh the gold price extract .
So , he did the shortcut in business, which is cheating and fake accounting as well .

What's the Issue

He should be applauded for his entrepreneurship for making more money

his fatal mistake is that he stayed in JB (presumably because got relatives there) and his wife was with him

if u want to zhaolor, u must go solo and go to thailand, indonesia, laos, vietnam where u can blend in and dont even stay their cities. u go to some ulu province no one will be able to find u

 

[Multiversal]

funny he was just living next door enjoying life

Everybody is different, and perhaps he and his wife were enjoying life as you said..

As for me, the life of a fugitive, having to assume different names, constantly looking over my shoulders, living in, of all places, JB, being unable to travel to any other country elsewhere because of an Interpol Red Alert, and the Singapore passport had already long expired anyway, which they could not renew...it's far from a life of luxury lorh.

However good the bak kut teh in JB is..........as claimed by those zoomers who, for the love of it, line up at the JB Custom for four hours every weekend, I don't think it compensates enough for the countless nights of nightmares...

 

[Jian19]

Everybody is different, and perhaps he and his wife were enjoying life as you said..

As for me, the life of a fugitive, having to assume different names, constantly looking over my shoulders, living in of all places, JB, being unable to travel to any other country elsewhere because of an Interpol Red Alert, and the Singapore passport had already long expired anyway, which they could not renew...it's far from a life of luxury lorh.

However good the bak kut teh in JB is..........as claimed by those zoomers who, for the love of it, line up at the JB Custom for four hours every weekend, I don't think it compensates enough for the countless nights of nightmares...

Must give u 50m than u know how song it is

 

[Smarty22]

They will be looking at 15-20 years cell life
There will be added sentence for escape from law

 

[justice89]

Essence should ask why in JB 16 years now than 翻旧账

 

[Multiversal]

Must give u 50m than u know how song it is

Erm...they had $50 m in their pocket?

The GCB and a huge landed house were confiscated by PAP... I means the authorities established by the PAP government (don't quote me).........as were his bank accounts' monies, insurances policies, shares...I am quite sure, though it wasn't reported, the said *authorities* also seized all the things inside/outside those two real estates...the luxury car(s) parked in front, perhaps a few luxury timepieces, his wife's jewellery, her branded (LV?) bags, panties...

For $50m, I might understand. "might"

But when the net worth is in immovable assets and confiscated, and a garnishee order is issued such that I can't withdraw my (dirty) money without exposing my identity and getting arrested, I CANNOT understand how they could be *enjoying* LIFE lorh.

In after...monies kept in a Swiss bank spent over 19 years in erm...JB.

 

[fortunehunter]

his fatal mistake is that he stayed in JB (presumably because got relatives there) and his wife was with him

if u want to zhaolor, u must go solo and go to thailand, indonesia, laos, vietnam where u can blend in and dont even stay their cities. u go to some ulu province no one will be able to find u

I went to Vietnam some ulu province need to go police station and register one.
Stay for almost a week at someone house.

 

[Smarty22]

The question is before the escape how he moved $72m or so to overseas bank accounts without raising suspicion by bank regulators and compliance officers

 

[Monstruo^]

Wow 19 years. 2005 to 2024.

 

[Whimsica]

30-plus yo enjoyed life song song till 59 yo.

Now go Changi detox and decompress.

Come out still can write books, be yellow ribbon ambassador, find religion etc and be remembered after death.

 

[Joseph12]

his fatal mistake is that he stayed in JB (presumably because got relatives there) and his wife was with him

if u want to zhaolor, u must go solo and go to thailand, indonesia, laos, vietnam where u can blend in and dont even stay their cities. u go to some ulu province no one will be able to find u

Don't know how people like him did it
Same as David Rasif
Like there's a guide book on how to flee

Firstly you need some sort of identification
It's easy to say fake ID
But where to get it?

And ya. You need to be together with people of your race so you won't stick out
If a Chinese is smack in the middle of an Indian city then everyone will know there's a Chinese there

 

[PaprikaSG]

Jin clever sia.

> 50 no caning.

 

[LPPLKPKB]

Uncle Ng, Abang Selamat and Hao ger 豪哥, the heroes that made it but return eventually.

Can tell that no matter how far they go, at the bottom of their heart they still love SG de.
無論身在何處遠方，心裡還是向著新加坡的

Unlike fatty JLow, until now still refuse to go home despite his boss already free. 一點都不愛國。

Fatty JLow is hiding in China enjoying ATBs, sibei song.