The amount of $485,000 was frozen in three accounts belonging to Mr Ung Yoke Hooi, a businessman, in November 2006 and January 2007.

The 45-year-old had received the money in April 2004 when he sold his stake in Malaysia-based Citiraya Technology to Ng Teck Lee, chief executive of the Singapore parent company, Citiraya Industries.

Read the full story in Friday's editiion of The Straits Times.