$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery

[Atonchia]

On 5/7/2024 at 9:52 AM, inlinesix said:

Why would they offend anyone in Cambodia?

Once back .... 

It's basically a reset button...🤣

Key in the code 

Up, Up, Down, Down, Left, Right, Left, Right, B, A, and Start

Another 30 lives to Contra the system...

[Benarsenal]

Seems like a bit of an easy exit. Send there, get new name, do a bit of plastic surgery, new passport, then off you go again.

[SGMCF328]

WOW, car kena chiong gong by government still need to be serviced and paid for by our government!! 😱 Who are they smoking or am I too low a peasant to understand the logic behind?

I am wondering if such servicing will be carried for other chiong gong vehicles such as Toyota Altis, Honda Civic, Nissan Sunny, Honda Accord. Ehmmm same same but different?

Nearly S$650,000 spent to maintain, upkeep seized assets in billion-dollar money laundering case

Source: https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-case-seized-assets-cars-luxury-bags-watches-wine-liquor-bearbricks-properties-4319146#:~:text=SINGAPORE%3A The police have spent,Singapore's largest money laundering case

SINGAPORE: The police have spent about S$646,282 (US$477,758) so far to maintain billions of dollars of assets seized or frozen in relation to Singapore’s largest money laundering case.

Over 150 properties, dozens of vehicles, gold bars, jewellery, crypto, cash and luxury watches make up the more than S$3 billion of assets seized or frozen since police operations began in August last year.

Home Affairs and Law Minister K Shanmugam on Tuesday (May 7) provided a written response to a parliamentary question by Member of Parliament Saktiandi Supaat (PAP-Bishan-Toa Payoh).

Mr Saktiandi had asked about the money spent to preserve the assets seized and how this sum would be covered.

"Expenses are incurred for the storage, maintenance and safeguarding of the seized assets, comprising properties, vehicles and luxury goods such as branded bags, watches and alcohol," Mr Shanmugam said.

He added that these expenses include the engaging of specialised services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets.

"These expenses are borne by the state," said Mr Shanmugam. "They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled to the state."

Some of the seized items, like the "thousands" of bottles of liquor and wine, as well as ornaments like Bearbrick figures and branded bags, must be stored appropriately to maintain their condition, while the vehicles will have to be serviced.

The police said in January that the total value of assets seized or issued with prohibition of disposal orders is more than S$3 billion to date. 

[inlinesix]

@SGMCF328 It is unbelievable that you expect Gov to behave like Ah Beng shop🤦🏻‍♀️

[SGMCF328]

OK, let me put things in perspective.

Storage cost for all confiscated item - understandable

Special storage requirement, for example temperature control room for bags, wines / liquor and other temperature or humidity sensitive items - reasonable

Car protection, say under shelter, cover with special covers - OK, still acceptable (so as not to inccur any damages which would affect the value)

Servicing of car?? Car not driven or use must service meh? Even if you quote me what the dealer have recommended, every 15000 km or 1 year, whichever come first, these cars were taken away for for less than a year (coming to 9 months to be exact), again who are they smoking? OK, assuming our government are following whatever requirement to maintain these cars, in case the accused manage to claim them back, what about other non-luxury vehicles confiscated in other raid / criminal offences? Prove to me that all confiscated cars are service and maintain by our government please.

 

[Benarsenal]

On 5/8/2024 at 8:59 AM, SGMCF328 said:

OK, let me put things in perspective.

Storage cost for all confiscated item - understandable

Special storage requirement, for example temperature control room for bags, wines / liquor and other temperature or humidity sensitive items - reasonable

Car protection, say under shelter, cover with special covers - OK, still acceptable (so as not to inccur any damages which would affect the value)

Servicing of car?? Car not driven or use must service meh? Even if you quote me what the dealer have recommended, every 15000 km or 1 year, whichever come first, these cars were taken away for for less than a year (coming to 9 months to be exact), again who are they smoking? OK, assuming our government are following whatever requirement to maintain these cars, in case the accused manage to claim them back, what about other non-luxury vehicles confiscated in other raid / criminal offences? Prove to me that all confiscated cars are service and maintain by our government please.

 

Of course must service. Later resell got higher resale value mah.

[inlinesix]

On 5/8/2024 at 9:05 AM, Benarsenal said:

Of course must service. Later resell got higher resale value mah.

Rather, it get discounted for not service.

[Unfazed]

On 5/8/2024 at 8:59 AM, SGMCF328 said:

OK, let me put things in perspective.

Storage cost for all confiscated item - understandable

Special storage requirement, for example temperature control room for bags, wines / liquor and other temperature or humidity sensitive items - reasonable

Car protection, say under shelter, cover with special covers - OK, still acceptable (so as not to inccur any damages which would affect the value)

Servicing of car?? Car not driven or use must service meh? Even if you quote me what the dealer have recommended, every 15000 km or 1 year, whichever come first, these cars were taken away for for less than a year (coming to 9 months to be exact), again who are they smoking? OK, assuming our government are following whatever requirement to maintain these cars, in case the accused manage to claim them back, what about other non-luxury vehicles confiscated in other raid / criminal offences? Prove to me that all confiscated cars are service and maintain by our government please.

 

We got lawyer got accountant. Whatever accountant calculate will be supported by lawyer. Like you said, storage wise but on their mind, everything has a cost. No cost how to pay salary. "My store suka suka let you put ah? Even cousin, also got cost one hor." Understand? 😉 KPI KPI.... Report card report card.

[bsswan]

On 5/8/2024 at 9:05 AM, Benarsenal said:

Of course must service. Later resell got higher resale value mah.

I think so also, will only be serviced prior to sale.

Storage is likely the more expensive cost for those exotics, in climate-controlled facilities similar to Wearnes' own Bonded Gallery.

[Playtime]

Should have gone for billion... shorter sentence

https://www.straitstimes.com/singapore/courts-crime/8-years-jail-for-man-who-cheated-6-victims-out-of-285m-by-offering-to-recover-timeshare-losses

Edited May 9, 2024 by Playtime

[inlinesix]

On 5/9/2024 at 7:10 PM, Playtime said:

Should have gone for billion... shorter sentence

https://www.straitstimes.com/singapore/courts-crime/8-years-jail-for-man-who-cheated-6-victims-out-of-285m-by-offering-to-recover-timeshare-losses

Money laundering is different from cheating la

[Wt_know]

On 5/9/2024 at 7:41 PM, inlinesix said:

Money laundering is different from cheating la

hearsay … lawyer argued no sinkies are affected, scammed or cheated wor

no harm done in spore?  

[Volvobrick]

On 5/9/2024 at 8:18 PM, Wt_know said:

hearsay … lawyer argued no sinkies are affected, scammed or cheated wor

no harm done in spore?  

Got offer the 2.85m to ah gong or not? 

[inlinesix]

On 5/9/2024 at 8:18 PM, Wt_know said:

hearsay … lawyer argued no sinkies are affected, scammed or cheated wor

no harm done in spore?  

Got la.

Our Golden Signboard is tarnished 

🤭

[jcmm]

On 5/9/2024 at 7:41 PM, inlinesix said:

Money laundering is different from cheating la

1 is intend to gain advantage of the others while another is trying to fool the finance institute/authority. To launder billions n squat a yr plus is definitely smarter n worth it.

Edited May 9, 2024 by jcmm

[bsswan]

On 5/9/2024 at 9:42 PM, inlinesix said:

Got la.

Our Golden Signboard is tarnished 

🤭

Also, part of the process in driving up all our prices.

[inlinesix]

 

[SGMCF328]

Going at this rate, total amount involved will hit $4b soon (or has already hit $4b if we round the sum up to the nearest billion mathematically). 🤑

Police seize $530m in cash, assets from 2 men ST identified as being linked to money laundering case

Source: https://www.straitstimes.com/singapore/courts-crime/police-seize-530m-in-cash-and-assets-from-two-men-st-identified-as-linked-to-money-laundering-case

SINGAPORE – More than $530 million in cash and assets, including 28 properties, have been issued with prohibition of disposal orders or seized from two foreigners who have fled the country.

The police said in a statement on May 22 that the men, aged 37 and 39 years old, are part of the $3 billion money laundering probe.

“Both men had left Singapore prior to the police’s investigations against them, and are currently not in Singapore,” the police said.

Although they did not identify the suspects, The Straits Times understands the individuals are businessmen Su Shuiming and Su Shuijun.

A report earlier in May by ST and the investigative journalism group Organised Crime and Corruption Reporting Project (OCCRP) exposed the business and property holdings of the two China-born individuals who left Singapore abruptly in 2023.

The report revealed that Su Shuiming and Su Shuijun were placed on the wanted list in China just weeks after the August 2023 anti-money laundering operation in Singapore led to the arrest of 10 foreigners.

Company records in Britain show that Su Shuiming was born in February 1985, which would make him 39 years old in 2024, and Su Shuijun was born in December 1986, which means he is 37 years old.

ST contacted the police then to confirm that the men were linked to the case in Singapore, but a spokesman declined to say if they are involved in or assisting with any investigations in the Republic.

In their May 22 statement, the police said that they took control of about $530 million worth of assets belonging to the two men in late 2023.

They added that the items form part of the more than $3 billion worth of assets seized or issued with prohibition of disposal orders in the case.

“In relation to the 37-year-old man, the police had issued prohibition of disposal orders for nine properties, two vehicles and four country club memberships.

“The police had also frozen bank accounts with a total balance of more than $157 million, and seized about $93,000 in cash, and more than 200 pieces of jewellery, luxury bags and collectibles,” the statement added.

The police added that they issued prohibition of disposal orders for 19 properties, three vehicles and three country club memberships linked to the 39-year-old man.

“The police had also frozen bank accounts with a total balance of more than $145 million, and seized about $300,000 in cash, bottles of liquor and more than 60 pieces of jewellery, luxury bags, and watches,” they added.

Prohibition of disposal orders issued by the police prevent the assets from being disposed of during the investigations.

For real estate properties, the police said they will cause a caveat to be lodged in the Land Titles Registry against them.

“Unless the caveat is lifted, the transfer of the properties’ ownership and their sale cannot be completed. Generally, assets issued with prohibition orders will be dealt with by the courts when the case concludes,” the police said.