Canninghill Piers sales linked to money laundering suspect stuck in limbo as probe continues
Status of uncompleted transactions and payments made to developers are in doubt, with properties frozen by court order
INVESTIGATIONS into a wide-reaching money laundering syndicate have thrown partially paid transactions for 10 Canninghill Piers luxury properties into a state of limbo, including payments collected by developers so far.
With the police probe uncovering new information by the day, more uncompleted properties may soon be caught in the web. The value of seized assets has gone up from an initial S$1 billion reported on Aug 16 to S$1.8 billion on Sep 5.
One of the 10 suspects caught in the massive police dragnet, Vang Shuiming, has been verified in court documents to have financed the purchase of 10 residential units at Canninghill Piers. The project is a luxury integrated development coming up on the former Liang Court site in River Valley. The 10 properties identified in court have been issued with prohibition-of-disposal orders by the police.
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