VANG Shuiming, one of the 10 individuals embroiled in Singapore’s largest money laundering case, was on Tuesday (May 14) sentenced to 13 months and six weeks’ jail.

The Turkish national pleaded guilty to two charges of money laundering and one charge of submitting forged documents to a bank. Nineteen other charges were taken into consideration during sentencing.

Investigations revealed that between 2021 and 2022, Vang submitted a forged bank statement and forged financial statements of three China-incorporated companies to various financial institutions in Singapore, in response to queries from these institutions and to substantiate his source of funds and wealth.

In relation to Citibank’s query on payments into his bank account, Vang submitted a forged bank statement from China Merchant Bank purportedly in his name.

Vang also represented to Julius Baer and UOB Kay Hian that his wealth was derived from the profits generated by his three companies and provided the forged financial statements of various years. 

He admitted to having used as genuine falsified financial books of accounts in relation to his business in China, as part of an arrangement to move funds from overseas to Singapore. 

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In the course of investigations, Vang was also unable to provide a satisfactory explanation as to the source and provenance of the balances in four local bank accounts in his name, which amounted to more than S$2.4 million. 

In his initial statements to the police, Vang claimed that the source of funds was from his loan business in China, but later claimed that the funds originated from his gambling winnings and profits derived from real estate investments in the Philippines instead. He was unable to substantiate this claim. 

In written sentencing submissions, Deputy Public Prosecutor David Koh asked for a sentence of between 14 and 16 months to be meted out. 

He said: “This sentence accounts for the need for general deterrence and the accused’s culpability, while recognising the mitigating factors in a plea of guilt and the voluntary forfeiture of a substantial quantum of assets.”

Vang agreed to forfeit about S$179 million worth of assets to the state. This amounts to about 90 per cent of the S$199 million worth of assets belonging to himself, his wife and their companies. The sum forfeited by Vang is the highest amount forfeited by an accused person in the S$3 billion case so far.

These include 15 properties held in the name of Vang’s wife, Wang Ruiyan, with an estimated realisable value of S$29.7 million. Ten of them are uncompleted units at Canninghill Piers.

As only partial payments have been made towards the 10 units, the estimated realisable value of the units stood at S$7.3 million.

The court has ordered that the realisable amount linked to the Canninghill properties be forfeited to the state. Once the transfer has been completed, the police will lift the prohibition of disposal against the properties. The Business Times understands that the developer will then be able to put them back on the market for sale.

BT reported last year that 19 units at Canninghill Piers were purchased by two foreign nationals who are associates linked to the case. The 19 units are estimated to be worth almost S$85 million. 

Another uncompleted unit at Park Nova, as well as four units in a condominium in the Beach Road area held in Wang’s name, will be forfeited to the state. 

Vang’s lawyer, Wendell Wong of Drew & Napier, asked for a sentence of 13 months, which he said was “not manifestly inadequate” when compared with the sentence Wang Baosen, another of the 10 foreigners linked to the case, received.

Wong said his client’s hope in agreeing to forfeit his assets is that it “will go some measure to restore any actual or perceived harm the justice system may feel he has committed”.

In sentencing, District Judge Sharmila Sripathy-Shanaz said offences such as those committed by Vang threaten the foundation of the integrity of Singapore’s financial and economics system, with ramifications for its reputation as a trusted financial hub. 

She said: “I find myself unable to accept the defence’s curious and ultimately strained characterisation of Vang as an individual who had not intended to cause any trouble in Singapore.”

So far, six of the 10 persons involved in the case – Su Haijin, Su Baolin, Zhang Ruijin, Su Wenqiang and Wang Baosen and Vang have pleaded guilty.

Chen Qingyuan is expected to plead guilty on May 23, while the remaining three – Lin Baoying, Wang Dehai and Su Jianfeng – are still in remand.