The former director of Agritrade International, Ng Say Peck, has been arrested and charged after evading authorities for over five years. The 72-year-old Singaporean was apprehended on 1 December 2024 upon his arrival in Singapore, following his deportation from China with the assistance of Chinese authorities.
Charges and Allegations
Ng faces ten counts of cheating related to a fraudulent scheme involving digital financing platform Funding Societies. It is alleged that he presented fictitious finance invoices that led to the disbursement of approximately US$8 million over ten transactions between August and November 2019. These transactions took place under a credit facility arrangement established with Agritrade.
Background of the Case
The Commercial Affairs Department launched investigations in January 2020 after receiving multiple reports from various banks and financial institutions concerning Agritrade’s trade financing activities. Ng’s actions, alongside those of former chief financial officer Lim Beng Kim—who was sentenced to 20 years in jail in January 2023—have placed the company under scrutiny.
- Company Involvement: Agritrade International primarily dealt in commodities like coal and palm oil.
- Legal Proceedings: Ng was charged shortly after his arrest and faces a possible jail term of up to ten years if convicted.
- Interpol Involvement: An Interpol red notice was issued against Ng prior to his arrest.
Future Actions
According to David Chew, the director of the police’s Commercial Affairs Department, the authorities will continue to cooperate with international agencies to apprehend fugitives and ensure they face justice in Singapore. Following the extensive fraud case, Agritrade is currently reported to be insolvent.