S$72 million embezzlement scheme mastermind arrested in Johor Bahru.
After 19 years on the run, Singaporean tycoon Ng Teck Lee and his wife, Thor Chwee Hwa, were arrested in Johor Bahru on 3 December 2024. The couple, linked to a US$51 million (S$72 million) embezzlement scheme, face charges of criminal breach of trust and retaining illicit proceeds. The arrest highlights the close collaboration between Singapore’s CPIB and Malaysia’s MACC.
Ng Teck Lee, 58, the former CEO of Citiraya Industries, and his wife Thor Chwee Hwa, 55, fled Singapore in January 2005 to avoid investigations into their multi-million-dollar scheme. The couple had been operating under false identities for nearly two decades before their arrest in Johor Bahru by the Malaysian Anti-Corruption Commission (MACC).
The pair will appear in a Singapore court on 4 December 2024, facing criminal charges related to the embezzlement of electronic scrap from major semiconductor clients, including AMD, Intel, and Infineon.
Ng allegedly diverted 89 tonnes of electronic scrap intended for recycling. Instead of recovering precious metals, the scrap was repackaged and sold as new products in Taiwan and Hong Kong. The scheme generated illicit profits exceeding US$51 million (S$72 million).
Thor Chwee Hwa is accused of facilitating money laundering by opening a Credit Suisse account in Hong Kong to conceal funds.
On 3 December 2024, MACC arrested the couple and handed them over to Singapore’s CPIB. This marks a significant milestone in cross-border anti-corruption cooperation.
In 2011, Singapore seized S$23 million worth of assets, including luxury properties and bank accounts, linked to Ng’s crimes. This remains CPIB’s largest recorded asset seizure.
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CPIB lauded MACC’s assistance, emphasizing the strong ties between the two agencies. “There is zero tolerance for corrupt activities, and fugitives will be brought to justice,” stated Vincent Lim, CPIB Director of Investigations.
The arrest of Ng and Thor underscores Singapore’s zero-tolerance approach to corruption. For Singaporeans and international visitors, it serves as a reminder of the robust mechanisms in place to safeguard the integrity of Singapore’s business and legal systems.
After 19 years on the run, fugitive Singaporean tycoon Ng Teck Lee and his wife, Thor Chwee Hwa, were arrested in Malaysia for their roles in a US$51 million (S$72 million) embezzlement scheme. Their capture highlights the strength of cross-border anti-corruption collaboration.
Sources: The Online Citizen, The Straits Times (2024)
Keywords: Fugitive Arrested, Singaporean Tycoon, Malaysia Capture
