Singaporean tycoon involved in $72m embezzlement case arrested in Malaysia after 19 years on the run
newsare.net
SINGAPORE — After 19 years on the run over an embezzlement case involving more than US$51 million (S$68 million), a rogue Singaporean tycoon and his wife were arrested in Malaysia on Tuesday (Dec 3). Ng Teck Lee, 58, was the chief executive officer and prSingaporean tycoon involved in $72m embezzlement case arrested in Malaysia after 19 years on the run
SINGAPORE — After 19 years on the run over an embezzlement case involving more than US$51 million (S$68 million), a rogue Singaporean tycoon and his wife were arrested in Malaysia on Tuesday (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 like AMD, Intel and Infineon. Ng Teck Lee faces one charge for criminal breach of trust. PHOTO: BT FILE 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. Read more