Singaporean tycoon under investigation for 150 possible offenses in $51M embezzlement case

Ng, 58, and his wife, Thor Chwee Hwa, 55, are the key suspects in the corruption case involving Citiraya Industries, a firm responsible for receiving electronic scrap from clients and sending them to be crushed and recycled. They were charged on Dec. 4 and appeared in court via video link on Wednesday.

CPIB said the couple, currently held in Changi Prison, will be remanded for another week as investigations continue, according to The Straits Times.

The agency is probing more than 150 possible offenses linked to Ng, as well as potential offenses involving Thor under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act.

Ng Teck Lee (middle in left photo) and Thor Chwee Hwa (right in right photo) in Corrupt Practices Investigation Bureau's custody on Dec. 3, 2024. Photo by the Corrupt Practices Investigation Bureau

Between 2003 and 2004, Ng, then-CEO of Citiraya, allegedly misappropriated 62 shipments, or approximately 89 tons, of electronic scrap that clients sent to the recycling firm, as reported by CNA.

He allegedly sold the scrap products to syndicates in Taiwan and Hong Kong, where they were repackaged and sold as new products, earning $51 million over the period.

Ng also allegedly bribed several individuals, 12 of whom have already been sentenced to prison terms ranging from eight months to eight years for their roles in the scheme.

Thor allegedly arranged with her husband to open a Credit Suisse Hong Kong Branch account in her name when she had reasonable grounds to believe that it would be used to retain the benefits from his criminal conduct, according to CPIB.

Ng’s schemes were uncovered in December 2004. He and his wife fled Singapore in early 2005 when CPIB began investigated the case.

The duo was arrested in Johor Bahru, Malaysia, last Tuesday after 19 years on the run and were charged in court the following day.

Ng faces a charge of criminal breach of trust for the alleged misappropriation and a charge under the Prevention of Corruption Act for allegedly bribing an employee of Advanced Micro Devices with S$20,000 (US$14,900) to ensure that chips sent to Citiraya by clients were not fully crushed.

Thor faces one count of dealing with the benefits of criminal conduct.

The couple is scheduled to appear in court again next Wednesday.