Chia Teck Leng
Bayerische Hypo-und Vereinsbank Aktiengesellschaft (HVB) can now seize assets worth up to US$30 million (S$38 million) from convicted swindler Chia Teck Leng after it obtained a High Court judgment order yesterday. It was one of four banks from which he swindled $117.1 million between January 1999 and March 2003.
Chia, then a finance manager with Asia Pacific Breweries (APB), was convicted in 2004 of forgery and cheating and sentenced to 42 years’ jail. Justice Andrew Ang allowed a freeze order of Chia’s assets, which would entitle the bank to seize two properties owned by him and worth about $2.5 million – a condominium unit in Grange Tower and an apartment in St Francis Lodge .
Chia’s wife, Madam Mok Chuay Fun, is contesting HVB’s claim to the entire proceeds. Separately, the bank and the three others that he swindled – Skandinaviska Enskilda Banken, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation – will be showing up for a disposal inquiry later this month in the High Court, for a decision on how the money recovered by police from banks here and abroad is to be distributed among interested parties.
The Commercial Affairs Department recovered a total of about $47.8 million from bank accounts in Australia once used by Chia. Chia’s former girlfriend Li Jin is also expected to claim her stake in about $1.3 million.
