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On 3 October 2025, Tee Wey Lih (“Tee”), a former insolvency practitioner, was charged in court for eight counts of criminal breach of trust for dishonestly misappropriating monies entrusted to him in his capacity as a fiduciary, under Section 409(1)(h) of the Penal Code.

Tee was the sole director of Acres Advisory Private Limited, a company in the business of management consultancy services. Between July 2020 and November 2022, he allegedly misappropriated a total of $2,674,534.14 from ten companies while acting as their liquidator. As of 1 July 2024, Tee has ceased to be a licensed insolvency practitioner.

If convicted, Tee faces imprisonment for a term which may extend to 20 years and he is also liable to a fine, for each charge under Section 409 of the Penal Code.