IN April 2005, Citiraya was investigated for a scam in which uncrushed computer chips meant to be destroyed were misappropriated and sold in dodgy transactions that amounted to millions.

Citiraya's then-chief executive, Ng Teck Lee, was suspected to be the scam's mastermind and is currently on the run.

About a dozen people, including senior executives at Citiraya, including Ng's brother, were jailed after investigations uncovered the scale of the scandal, which involved some $1.82m in bribes.

CPIB suspects Ng may have used the ill-gotten gains from the sales of the computer chips to buy Mr Ung's shares.

This story was first published in The New Paper on Aug 30, 2008.