New Reporter
08-09-23, 15:41
Suspect’s seized assets in money laundering case include 10 Canninghill Piers units; those charged to be remanded further
Sep 08, 2023
THE 10 foreign nationals charged with their alleged involvement in the high-profile money laundering case – which involves assets of some S$1.8 billion now – will remain in police custody until their next court dates, amid ongoing investigations.
In court on Wednesday (Sep 6), the prosecution brought up affidavits filed by investigating officers, which said the accused should not be granted bail as the offences committed were serious.
There was also a risk of collusion among the accused and witnesses – these include family members of the accused and other persons who are currently overseas.
Deputy Public Prosecutor (DPP) Foo Shi Hao said one of the persons on the run – referred to as Subject Y – was a cousin of an accused, Chinese national Wang Baosen. More than S$100 million belonging to Subject Y has been frozen.
DPP Foo argued that granting the accused bail would raise a risk of collusion and witness tampering.
Wang Baosen’s counsel, Adrian Wee of Lighthouse Law, argued for him to be out on bail. He said his client was specifically handed two charges involving assets or cash worth S$396,000, which, although serious, “does not cross the threshold to deny (the accused) bail”.
He also said his client was not a flight risk, as his two passports were seized by the police and his assets of S$18 million have been frozen.
DPP Foo refuted these statements, pointing out that S$396,000 was not a small amount, and that the offences would result in a “serious custodial sentence”.
In the case of Cypriot national Su Haijin, who was injured while allegedly evading arrest, DPP Ng Jean Ting asked for him to be remanded for eight days as the police had been unable to take statements from him for six to seven days.
He was also slapped with a money laundering charge, which referenced about S$4 million in a UOB bank account gained through unlawful remote gambling.
District Judge Brenda Tan granted the prosecution’s remand request, to make up for “lost time”. She also ordered for him to be moved to Changi Medical Centre upon discharge. He will return to court on Sep 13.
DPP Ng noted that Su Haijin and another accused, Cambodian national Su Baolin, possibly have “close financial dealings” as they acquired assets together.
These assets include two properties on Beach Road in Su Haijin’s name, worth S$2.2 million, as well as a yacht bought by both accused and two individuals, and registered to a fifth.
The three other unnamed individuals left Singapore just before or soon after investigations began, said DPP Ng.
These were revealed during the investigating officers’ separate investigations, as Su Baolin was “reticent” with providing information, said the prosecutor. Su Baolin claimed through a Mandarin interpreter that he had been cooperative.
Su Baolin’s lawyer, Sunil Sudheesan of Quahe Woo & Palmer, argued that the possibility of collusion between Su Haijin and Su Baolin was overstated by the prosecution.
He added that Su Baolin was not a flight risk, as his immediate family had settled in Singapore.
Another person named in Su Baolin’s case was Wang Qiming, who is purported to be an ex-employee of Citibank. Su Baolin and Wang Qiming had allegedly worked together to forge a document to cheat Standard Chartered Bank.
Wang Qiming has been under investigation since 2021, noted Sudheesan, but no charges have been levied against him.
DPP Ng countered that the evidence of Wang Qiming and Su Baolin’s conspiracy related to this case was only recently revealed.
A Citi spokesperson said the individual has not been employed by the bank since April 2022. “We do not comment on matters that are before the courts,” the spokesperson added.
District Judge Tan denied bail to both Wang Baosen and Su Baolin, as she was satisfied there was a “real and high flight risk” in both cases, due to both accused having the means to abscond. Both will return to court on Oct 4.
Turkish national Vang Shuiming is scheduled to return to court on Sep 14, after his High Court bid to be released on bail on Tuesday was dismissed.
On Tuesday, it was found that he had around S$128.2 million parked with four financial institutions – Julius Baer, Credit Suisse, RHB and UOB Kay Hian. The sum has since been seized.
He also had assets worth about S$200 million in Singapore, including four properties and three vehicles valued at around S$29 million collectively, S$962,000 in cash and 11 units in condominiums still under construction.
These condominium units refer to 10 at Canninghill Piers in Clarke Quay and one at Park Nova on Tomlinson Road.
Meanwhile, the remaining six accused will return to court on Oct 18 for bail review.
Some lawyers made requests to allow the family members of the accused to visit or make phone calls. They were directed to write to the prosecution.
One accused, Chinese national Zhang Ruijin, requested to see a psychiatrist, as he told the court he had anxiety and could only sleep one to two hours each night.
“I feel pain all over my body,” he said in Mandarin.
His counsel, Loo Choon Chiaw of Loo & Partners, said Zhang has clinical depression.
District Judge Tan said he could seek medical help from the prison doctor, and further aid would be provided if needed.
https://www.businesstimes.com.sg/companies-markets/banking-finance/suspects-seized-assets-money-laundering-case-include-10
Sep 08, 2023
THE 10 foreign nationals charged with their alleged involvement in the high-profile money laundering case – which involves assets of some S$1.8 billion now – will remain in police custody until their next court dates, amid ongoing investigations.
In court on Wednesday (Sep 6), the prosecution brought up affidavits filed by investigating officers, which said the accused should not be granted bail as the offences committed were serious.
There was also a risk of collusion among the accused and witnesses – these include family members of the accused and other persons who are currently overseas.
Deputy Public Prosecutor (DPP) Foo Shi Hao said one of the persons on the run – referred to as Subject Y – was a cousin of an accused, Chinese national Wang Baosen. More than S$100 million belonging to Subject Y has been frozen.
DPP Foo argued that granting the accused bail would raise a risk of collusion and witness tampering.
Wang Baosen’s counsel, Adrian Wee of Lighthouse Law, argued for him to be out on bail. He said his client was specifically handed two charges involving assets or cash worth S$396,000, which, although serious, “does not cross the threshold to deny (the accused) bail”.
He also said his client was not a flight risk, as his two passports were seized by the police and his assets of S$18 million have been frozen.
DPP Foo refuted these statements, pointing out that S$396,000 was not a small amount, and that the offences would result in a “serious custodial sentence”.
In the case of Cypriot national Su Haijin, who was injured while allegedly evading arrest, DPP Ng Jean Ting asked for him to be remanded for eight days as the police had been unable to take statements from him for six to seven days.
He was also slapped with a money laundering charge, which referenced about S$4 million in a UOB bank account gained through unlawful remote gambling.
District Judge Brenda Tan granted the prosecution’s remand request, to make up for “lost time”. She also ordered for him to be moved to Changi Medical Centre upon discharge. He will return to court on Sep 13.
DPP Ng noted that Su Haijin and another accused, Cambodian national Su Baolin, possibly have “close financial dealings” as they acquired assets together.
These assets include two properties on Beach Road in Su Haijin’s name, worth S$2.2 million, as well as a yacht bought by both accused and two individuals, and registered to a fifth.
The three other unnamed individuals left Singapore just before or soon after investigations began, said DPP Ng.
These were revealed during the investigating officers’ separate investigations, as Su Baolin was “reticent” with providing information, said the prosecutor. Su Baolin claimed through a Mandarin interpreter that he had been cooperative.
Su Baolin’s lawyer, Sunil Sudheesan of Quahe Woo & Palmer, argued that the possibility of collusion between Su Haijin and Su Baolin was overstated by the prosecution.
He added that Su Baolin was not a flight risk, as his immediate family had settled in Singapore.
Another person named in Su Baolin’s case was Wang Qiming, who is purported to be an ex-employee of Citibank. Su Baolin and Wang Qiming had allegedly worked together to forge a document to cheat Standard Chartered Bank.
Wang Qiming has been under investigation since 2021, noted Sudheesan, but no charges have been levied against him.
DPP Ng countered that the evidence of Wang Qiming and Su Baolin’s conspiracy related to this case was only recently revealed.
A Citi spokesperson said the individual has not been employed by the bank since April 2022. “We do not comment on matters that are before the courts,” the spokesperson added.
District Judge Tan denied bail to both Wang Baosen and Su Baolin, as she was satisfied there was a “real and high flight risk” in both cases, due to both accused having the means to abscond. Both will return to court on Oct 4.
Turkish national Vang Shuiming is scheduled to return to court on Sep 14, after his High Court bid to be released on bail on Tuesday was dismissed.
On Tuesday, it was found that he had around S$128.2 million parked with four financial institutions – Julius Baer, Credit Suisse, RHB and UOB Kay Hian. The sum has since been seized.
He also had assets worth about S$200 million in Singapore, including four properties and three vehicles valued at around S$29 million collectively, S$962,000 in cash and 11 units in condominiums still under construction.
These condominium units refer to 10 at Canninghill Piers in Clarke Quay and one at Park Nova on Tomlinson Road.
Meanwhile, the remaining six accused will return to court on Oct 18 for bail review.
Some lawyers made requests to allow the family members of the accused to visit or make phone calls. They were directed to write to the prosecution.
One accused, Chinese national Zhang Ruijin, requested to see a psychiatrist, as he told the court he had anxiety and could only sleep one to two hours each night.
“I feel pain all over my body,” he said in Mandarin.
His counsel, Loo Choon Chiaw of Loo & Partners, said Zhang has clinical depression.
District Judge Tan said he could seek medical help from the prison doctor, and further aid would be provided if needed.
https://www.businesstimes.com.sg/companies-markets/banking-finance/suspects-seized-assets-money-laundering-case-include-10