$72m embezzlement case: Jail for tycoon’s wife who opened bank account used to receive over $2m

The wife of a tycoon has been handed a jail sentence after the Singaporean couple evaded capture for nearly 20 years over his alleged involvement in an embezzlement case linked to more than US$51 million.

On May 8, Thor Chwee Hwa, 57, was sentenced to a year and 10 months’ jail after she admitted to opening a bank account used to receive ill-gotten gains totalling more than US$1.1 million (over $2 million according to court documents).

The case involving her husband, Ng Teck Lee, 59, is still pending.

In 2024, he was charged with misappropriating electronic scrap weighing more than 6,700kg.

He allegedly misappropriated uncrushed computer chips between April 2003 and November 2004 and sold them, receiving more than US$51 million, equivalent to around $72 million at the time.

The prosecution said this was “a staggering amount” and resulted in the Corrupt Practices Investigation Bureau’s largest seizure of assets against a single individual.

Ng was the president and chief executive of Citiraya Industries at the time of his alleged offences.

Court documents stated that the company was in the business of recycling electronic waste on behalf of computer chip manufacturers, including AMD, Infineon, ST Microelectronics and Intel.

The manufacturers would send uncrushed or partially crushed chips to Citiraya, which would then process the chips to recover the precious metals used in their manufacture.

With the assistance of Gan Chin Chin, who was Citiraya’s chief financial officer at the time, Ng used various intermediaries, including shell companies such as Pan Asset International, “to sell the uncrushed computer chips to overseas syndicates for repackaging and sale as standard products”, according to deputy public prosecutors Hon Yi, Shaun Lim and Emily Zhao.

Under Ng’s alleged instructions, Gan purportedly credited these sale proceeds of more than US$51 million to four bank accounts.

Court documents did not disclose whether Gan has been charged or dealt with by the authorities.

The prosecution said Thor was not “formally employed”.

Ng would usually transfer money into Thor’s personal bank accounts for household spending and her personal use, the court heard.

The DPPs told the court: “Before June 30, 2003, Ng gave Gan and/or her subordinates the following instructions – to have (Thor) open a personal bank account with CSHK, to appoint (Ng) with a limited power of attorney over the account... and for Gan to operate the account on his behalf.”

Thor was not aware of these instructions from her spouse.

In June 2003, Thor and an unidentified female employee of Citiraya went to Credit Suisse’s Singapore office to open a personal bank account with Credit Suisse Hong Kong (CSHK).

Thor’s presence at the bank was necessary as Credit Suisse needed proof of identity in the form of her identity card before opening a personal bank account.

The DPPs said she knew the account was associated with Citiraya and that she had no use for it.

She was also aware that she would not have any control over the account.

Despite these, Thor complied with the female employee’s instructions and opened a CSHK personal bank account.

The DPPs said: “She did not put any of her own money into the account, did not carry out any transactions in the account and was unaware of any transactions in the account.”

On July 10, 2003, the account received more than US$1.1 million from Pan Asset’s CSHK account.

The money was later transferred out by various means, such as purchasing foreign currencies or securities.

The transactions were carried out by Gan, who had control of the account, the DPPs said.

In late 2004 to early 2005, CPIB investigated Citiraya after receiving information on suspected corrupt practices.

Court documents stated that on Jan 21, 2005, Thor met CPIB officers to assist with investigations.

During an interview, she was questioned about Ng’s activities and told there was an ongoing investigation against him. She was released unconditionally later that day.

But a week later, she left Singapore with her daughter after the woman who had accompanied her to open the CSHK bank account told her to leave.

Thor later met Ng overseas and the couple resided in China. The daughter later returned to Singapore.

While in China, Thor and Ng posed as Indonesian nationals, and Thor was known as “Jane Lim Siu Mei”.

Under this false name, she also acquired identity documents from the Marshall Islands.

With their false identities, the couple applied to reside in Malaysia under the “Malaysia My Second Home” programme, at a residence initially owned by Thor’s brother.

The property was transferred to Thor for no consideration. Her family also gave her other financial support “from time to time”, the DPPs said.

After the couple fled Singapore, confiscation proceedings were initiated against Ng for the US$51 million from which he allegedly benefited. But only US$23 million was recovered.

The Malaysian Anti-Corruption Commission arrested the pair in Johor Bahru on Dec 3, 2024, and they were sent back to Singapore later that day.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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