Hall of Shame
Citiraya Industries (CENR SP)
Citiraya, a Singaporean comapny, was founded by Mr Ng Teck Lee and his brother Raymond Ng in 1988 and engaged in recycling electronics waste. It was listed in 2002. In 2005, corruption was discovered, when Taiwan police raided the premises of some firms there which bought goods from Ng Teck Lee.
The authorities there were apparently alerted when scrapped chips that belonged to one of Citiraya’s US-based clients surfaced in Taiwan when the items should have been crushed and recycled in Singapore. Computer chips meant to be scrapped were diverted for sale overseas and the level of precious metal extracted from waste was falsely declared. Citiraya had 1,554 suspect transactions in 2004, with about US$161m in fake sales created between 2003 and 2005. With the help of his brother Teck Boon, he stole 62 containers of electronic scrap between 2003 and 2004 and had them shipped to buyers in Hong Kong and Taiwan. Ng Teck Lee fled with US$51m, made from selling used computer chips which Citiraya should have destroyed while 11 people including his third brother, Ng Teck Boon, Citiraya’s former assistant GM, have been convicted and jailed.
Citiraya was subsequently placed under judicial management and rescued by a bailout plan.
In October 2006 it was renamed and operated as Centillion Environment and Recycling.
In 2012 it was renamed to Metech International Limited.