Premium
Investment victims claim $407k seized from firm's account
Lee Song Teck is now a wanted man after skipping town in January 2013. The money was seized from one of his companies that the police probed - Asia Pacific Bullion (APB), of which he was the sole director and shareholder.ST FILE PHOTO
PUBLISHED
4 HOURS AGO
FACEBOOKTWITTEREMAIL
Many turn up at disposal inquiry after CAD seeks court order to return money seized during probe
K.C. Vijayan
Senior Law Correspondent
The Bentley-driving businessman claimed to be worth $30 million, and said he was planning to make $200 million and give 90 per cent to charity. But just a year after making his claim, he skipped town in January 2013.
Less than a week after he left, the police began to receive a stream of reports relating to Lee Song Teck, now 40 and a wanted man, and his companies.
These reports numbered more than 500 over the years.
Among Lee's companies that the police probed was Asia Pacific Bullion (APB), of which he was the sole director and shareholder.
Police reports lodged against APB, totalling 146, claim the company failed to deliver promised payouts to its investors.
During investigations, police seized $406,933 in a bank account belonging to APB in February 2013. The monies are understood to be evidence of proceeds of crime.
At issue is how these monies are to be apportioned among affected investors. A disposal inquiry was held last month before a district judge, at which 114 claimants turned up.
There is thus no pending court proceeding relating to the seized monies.
Given the circumstances, the Commercial Affairs Department (CAD), which is handling the case, sought a court order under the Code for the monies to be returned to claimants whose deposits were traced to the account and were entitled to the monies.
Police spokesman Ang Hua Huang said 122 claimants lodged claims in respect of the seized monies dealt with at the Nov 26 disposal inquiry.
A 68-year-old investor, whose deposit in January 2013 was traced to the seized monies in the APB account, told The Straits Times that she found "some comfort" in the police move. She said she lost $200,000 in investments overall in Lee's companies.
The sales executive, who spoke on condition of anonymity, said she had a hectic work schedule and had made quick investment decisions by relying on advice from friends.
"The money was so difficult to earn and so easy to lose," she said.
The potential claimants include eight investors who had won civil suit judgments in 2013 for various amounts against The Gold Guarantee - a gold buyback scheme hatched by Lee for investors that tanked.
The sums the eight lost totalled about $1.2 million.
In a January 2012 media interview, Lee said his gold investment portfolio was worth $30 million, and he claimed to have achieved 200 per cent a year in average returns from his property investments and some businesses.
Among other things, he claimed he owned 16 commercial units in Kuala Lumpur, another property in London and also co-owned a highway and commercial building in Tianjin, China.
He had said then that he thought it was his calling to make $200 million and leave it to charity.
Police investigations in relation to Lee are ongoing, said Ms Ang.
"The disposal inquiry has been adjourned for the court to determine the claims made on the seized assets. There are other seized assets that will duly be disposed of as and when they are no longer needed for investigations," she added.
A version of this article appeared in the print edition of The Straits Times on December 15, 2018, with the headline 'Investment victims claim $407k seized from firm's account'. Print Edition | Subscribe
Investment victims claim $407k seized from firm's account
PUBLISHED
4 HOURS AGO
FACEBOOKTWITTEREMAIL
Many turn up at disposal inquiry after CAD seeks court order to return money seized during probe
K.C. Vijayan
Senior Law Correspondent
The Bentley-driving businessman claimed to be worth $30 million, and said he was planning to make $200 million and give 90 per cent to charity. But just a year after making his claim, he skipped town in January 2013.
Less than a week after he left, the police began to receive a stream of reports relating to Lee Song Teck, now 40 and a wanted man, and his companies.
These reports numbered more than 500 over the years.
Among Lee's companies that the police probed was Asia Pacific Bullion (APB), of which he was the sole director and shareholder.
Police reports lodged against APB, totalling 146, claim the company failed to deliver promised payouts to its investors.
During investigations, police seized $406,933 in a bank account belonging to APB in February 2013. The monies are understood to be evidence of proceeds of crime.
At issue is how these monies are to be apportioned among affected investors. A disposal inquiry was held last month before a district judge, at which 114 claimants turned up.
PAINFUL EXPERIENCE
The money was so difficult to earn and so easy to lose.
AN INVESTOR, who lost about $200,000 to Lee. She did not want to be named.
It is understood that although the seized monies were crime proceeds, they were no longer relevant for any probe or proceeding under the Criminal Procedure Code as investigations have been completed in relation to the monies based on the available evidence, and Lee's whereabouts are not known at present.The money was so difficult to earn and so easy to lose.
AN INVESTOR, who lost about $200,000 to Lee. She did not want to be named.
There is thus no pending court proceeding relating to the seized monies.
Given the circumstances, the Commercial Affairs Department (CAD), which is handling the case, sought a court order under the Code for the monies to be returned to claimants whose deposits were traced to the account and were entitled to the monies.
Police spokesman Ang Hua Huang said 122 claimants lodged claims in respect of the seized monies dealt with at the Nov 26 disposal inquiry.
A 68-year-old investor, whose deposit in January 2013 was traced to the seized monies in the APB account, told The Straits Times that she found "some comfort" in the police move. She said she lost $200,000 in investments overall in Lee's companies.
The sales executive, who spoke on condition of anonymity, said she had a hectic work schedule and had made quick investment decisions by relying on advice from friends.
"The money was so difficult to earn and so easy to lose," she said.
The potential claimants include eight investors who had won civil suit judgments in 2013 for various amounts against The Gold Guarantee - a gold buyback scheme hatched by Lee for investors that tanked.
The sums the eight lost totalled about $1.2 million.
In a January 2012 media interview, Lee said his gold investment portfolio was worth $30 million, and he claimed to have achieved 200 per cent a year in average returns from his property investments and some businesses.
Among other things, he claimed he owned 16 commercial units in Kuala Lumpur, another property in London and also co-owned a highway and commercial building in Tianjin, China.
He had said then that he thought it was his calling to make $200 million and leave it to charity.
Police investigations in relation to Lee are ongoing, said Ms Ang.
"The disposal inquiry has been adjourned for the court to determine the claims made on the seized assets. There are other seized assets that will duly be disposed of as and when they are no longer needed for investigations," she added.
A version of this article appeared in the print edition of The Straits Times on December 15, 2018, with the headline 'Investment victims claim $407k seized from firm's account'. Print Edition | Subscribe
