The Attorney-General is attempting to seize the former Citiraya CEO's assets, including money from the sale of his freehold property at Binjai Park. -- PHOTO: COLLIERS INTERNATIONAL
THREE years after Ng Teck Lee fled the country with money he pocketed while running waste recycling company Citiraya, it has now surfaced just how much he amassed and how he did it.
Citiraya's troubled past
NG TECK LEE and his brother Raymond Ng founded Citiraya in 1988 to recycle waste from the semiconductor industry.
The brothers took Citiraya public in July 2002 and expanded its presence in 11 countries.
$13.22 million held in 26 bank accounts variously held in the names of Ng Teck Lee, his wife and others.
$6.56 million held by the court from the sale of three properties in Binjai Park and Paya Lebar Crescent, worth $22.48 million. The homes were once owned by Ng, his wife and mother-in-law.
In all, investigators believe he skipped town with US$51 million (S$72 million), made from selling used computer chips which the recycler should have destroyed.
This makes the fraud one of Singapore's biggest ever corporate scandals.
