Money laundering accused Vang Shuiming denied bail; associates’ assets also under probe
VANG Shuiming, one of the accused embroiled in the S$2.4 billion-dollar money laundering case, has three associates with around S$412 million worth of assets that the police are currently investigating.
One of these associates is Vang’s brother, Wang Shuiting, who is also wanted by the Chinese police. In addition, Vang and his family have various passports from countries that they received through financial contributions, the court heard on Friday (Sep 29).
The location of one of these passports, from Cambodia, is currently not known. Prosecutors said this is a concern as Vang has substantial overseas assets worth at least S$35.5 million, with US$18 million located in Cambodia.
Vang has also told the investigating officer that he had plans to obtain a fifth passport from Saint Kitts and Nevis. His other passports – from Turkey, China and Vanuatu – have been seized by the police.
After investigations, the police also discovered that more than US$2.8 million worth of cryptocurrency in the accused’s Binance account had been withdrawn.
These figures and facts were revealed during Vang’s bail review, where the prosecution applied for no bail to be granted.
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Vang, also known as Wang Shuiming, faces five charges in total – four related to money laundering and one charge of forgery for attempting to cheat Citibank with a fake China Merchant Bank document.
He could face further charges as investigations continue, said the prosecution.
District Judge Brenda Tan on Wednesday denied Vang bail, as she was satisfied that he had the means to comfortably relocate to another country.
According to the investigating officer’s affidavit, which was referenced out by Deputy Public Prosecutor (DPP) David Koh, Vang was noted to be a high flight risk who could collude with suspects outside Singapore jurisdiction if released on bail.
DPP Koh also noted that Vang had previously been able to leave China, where he is wanted by Chinese authorities for being involved in an illegal gambling syndicate.
District Judge Tan highlighted that his family, who arrived in Singapore in 2019, were “not so entrenched in Singapore that they would not seek to abscond” if given the opportunity.
His counsel, Wendell Wong of Drew & Napier, argued that his client is willing to surrender the passports of his family, and be subjected to electronic tagging as conditions for being out on bail. He also took issue with the prosecution repeatedly bringing up Vang’s status as a fugitive in China, as Vang has not actually been convicted. In addition, he pointed out that Vang was able to enter the Chinese embassy earlier this year to renounce his Chinese citizenship.
In response, DPP Koh said the electronic tagging system, while a measure to mitigate flight risk, was not infallible and that there was a possibility of the accused leaving the country illegally, even if his passport was seized.
The hearing on Friday was part of the high-profile money laundering case against 10 accused foreign nationals. The total amount of assets involved on Sep 20 ballooned to S$2.4 billion.
Vang will return to court on Oct 27 for a pre-trial conference.
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