Sinkie Fled with US$51 mil

[TeeKee]

Singapore businessman flees with 51 million dollars: report

3 hours ago

SINGAPORE (AFP) — A fugitive Singapore businessman is suspected of absconding with 51 million US dollars and local authorities are attempting to recover part of the money, a newspaper reported Friday.

Ng Teck Lee, who fled Singapore three years ago, amassed his ill-gotten gains in one of the city-state's biggest fraud cases when he was the chief executive of electronics waste recycler Citiraya Industries.

A court official confirmed the ongoing case by the attorney-general -- as reported in The Straits Times -- to try to recover part of Ng's assets in Singapore but gave no further details.

Ng was a corporate high-flyer until the scandal involving Citiraya Industries was uncovered in 2005, leading to the collapse of the firm and his subsequent downfall.

Ng allegedly resold used computer chips, which his company Citiraya was under contract to destroy.

His actions were uncovered when used computer chips belonging to one customer were spotted in Taiwan, the newspaper reported.

According to the report, Ng's assets in Singapore include funds held in various bank accounts, shares in several companies and proceeds from the sale of his properties.

Ng's whereabouts remain unknown.

 

[congo9]

Yes ........ of course after makan $51million can go for a longlong holiday. Buy a new citizenship come back as foriegn talent or fake death ! hahahaha . YOu always see that in the movie , or do a face OFFF ! change your face !

so many thing u can do !

 

[Cestbon]

Buy new citizen and never come back again that what I will do. If he come back sure die because now ICA using thumb finger print. So wish him enjoy life out there.

 

[BlueCat]

with all the cash,he can buy an island be a king.
there are a lot of countries that will welcome him with red carpet.

 

[congo9]

with all the cash,he can buy an island be a king.
there are a lot of countries that will welcome him with red carpet.

Unless the country he fled to do not have any repritation treaty with singapore !

 

[jbsmith]

Anyone rememebr the case of Abalone King Ng Choon Ser?

If he didn't surrender, they might not catch him.

MISSING ABALONE KING


On 23 November 1984, Ng Choon Ser, 70 and his son Ng Khway Tiat, 49 fled Singapore and went missing. Ng was the founder of Chop Hoo Thye, a once-flourishing import-export company.

Ng and Khway Tiat were wanted in connection with bank debts totalling $57 million. They had swindled the banks by falsyfying letters of credit, invoices and bills of exchange between May and November 1984.

The news of their crime came as a shock to many as Choon Ser - nicknamed Abalone King because of the popular Calmax brand of abalone he imported - was well respected in the community. He was known to be generous to a fault and ever ready to help fellow traders and the man in the street, alike.

Then three years later, Ng and his son, of their own will surrendered to authorities and were extradited back to Singapore on 21 November 1987. Ng had decided to return from living a fugitive’s life in Taiwan and take responsibility for what he had done.

During their three-year run, father and son hid in a downtown apartment of an old friend in Taipei, Taiwan. That flat became like a prison to them as they were in it almost all the time. (Local Mafia believing these ‘fugitives’ were loaded with millions of dollars were after them.)

In his trial, it was revealed that Ng’s generosity may also have been his undoing. He claimed all the money gained from the false letters of credit had been given to fellow businessman, Gan Beng, who in turn had run away. Ng said he never recovered a cent of this money. The courts rejected this defence.

On 2 December 1987, Ng Choon Ser and his son Ng Khway Tiat were sentenced to the maximum 10 years jail for conspiring to cheat 16 banks.

 

[TeeKee]

Buy new citizen and never come back again that what I will do. If he come back sure die because now ICA using thumb finger print. So wish him enjoy life out there.

if can change face, can change finger print too lah..lol..

 

[ranger_edd]

Off hand, I would imagine Thailand to be the easiest place to flee to. The food's cheap and most Singaporeans can easily pass as a local there.

 

[singveld]

51 millions? he is not a sinkies. he is a dead sucker.

 

[myfoot123]

If oppositions took over the running of this cuntry, the white minitoots will run road too. Who knows how many trillions of ill-gotten cash they have fed themselves for the past 40 over years.

 

[Hakka Tiow]

That was one smart fuck. Should'a been a Man In White.

 

[chinchai]

A fugitive Singapore businessman is suspected of absconding with 51 million US dollars

Not bad. To run road with 51 million US dollars. Singaporeans are smart!

 

[hughgrant]

this type of people smart enough to cheat 51 mil will be brillant enough not to get caught, just like that lawyer rashid

 

[Frankiestine]

honestly it is this kind of con man that deserves respect...

 

[johnny333]

That was one smart fuck. Should'a been a Man In White.

Smart AND GREEDY, qualifications for those men in white.