Ng Teck Lee Faces Criminal Breach of Trust Charge, with His Wife Charged for Money Laundering
Ng Teck Lee, the former CEO of Citiraya Industries, was charged on December 4, 2024, with misappropriating over 6,791 kg of electronic scrap in 2005, which was entrusted to the company by five firms, including semiconductor giants such as Texas Instruments and Infineon Technologies. The misappropriation charge alleges that instead of processing the scrap for precious metals, Ng sold it overseas for profit. The total monetary value of the scrap was not disclosed, but Infineon Technologies reportedly lost the most at 2,918 kg.
Ng faces a mandatory jail term of up to seven years if convicted, along with the possibility of a fine. His wife, Thor Chwee Hwa, is also charged with money laundering. She allegedly facilitated the transfer of US$1.1 million of Ng’s misappropriated funds by opening a Credit Suisse Hong Kong account in her name in 2003. If convicted, Thor could face a prison sentence of up to seven years, a fine of up to S$200,000, or both.
The couple had been on the run for nearly two decades, evading authorities until their recent arrest in Malaysia on December 3, 2024. This case follows an investigation by the Corrupt Practices Investigation Bureau (CPIB).
