Police seek documents from at least 10 financial institutions over billion-dollar money-laundering case

SINGAPORE authorities are awaiting documents from at least 10 financial institutions (FIs), which are believed to be linked to 10 foreign nationals accused of being involved in a billion-dollar money-laundering scandal.

Public prosecutors on Wednesday (Aug 23) said in court that the police are “working around the clock” as part of intensive investigations, which are still at a preliminary stage.

Documents are pending from a varying number of FIs for each of the accused.

Vanuatu national Su Jianfeng, a shareholder of a wholesale and distribution company called Ricco, had pending statements from up to 10 FIs.

The 35-year-old had more than S$1.4 million in cash, 95 pieces of jewellery, 69 luxury bags, watches and other items seized from his residence – a Good Class Bungalow (GCB) in Third Avenue in Bukit Timah.

The prosecution also noted he had bank accounts with “a substantial amount of money”. 

Cambodian national Su Baolin and Turkish national Vang Shuiming each has pending statements from nine FIs.

Police are awaiting documents from between two and six FIs for each of the remaining seven accused persons. 

Authorities last week arrested the 10 foreigners in a massive anti-money laundering blitz, in which S$1 billion in cash and assets were seized and frozen.

Another 12 individuals were said to be assisting investigations, and eight more were reported to be on the run.

Several banks have already been dragged into the scandal.

Citigroup’s Singapore subsidiary and CIMB Group were named in charge documents.

Vang was charged with allegedly submitting a fake document to Citibank Singapore. Su Baolin was charged with falsely claiming he was an executive director of a firm in a supporting document to the bank.

Two Chinese nationals, Zhang Ruijin and Lin Baoying, were also charged with seeking to cheat CIMB Bank about their ownership and sale of a property in Macau.

Meanwhile, Deutsche Bank is a creditor to a Singapore company, Golden Eagle Assets, where Zhang and Lin are directors.

Golden Eagle Assets has not been named in the criminal investigation.

The Monetary Authority of Singapore (MAS) last week said it will take “firm action” against FIs found to have breached its requirements on anti-money laundering and countering the financing of terrorism.

MAS said it worked closely with the Commercial Affairs Department (CAD) to identify potentially tainted funds and assets in Singapore’s financial system and prevent their dissipation. “Supervisory engagements with these FIs are ongoing,” said MAS. 

Lawyers tussle over remand, bail

The prosecution on Wednesday requested that each of the accused persons be remanded for a further eight days to facilitate the investigations.

It also argued that the accused should be denied bail, as there is a risk of collusion and evidence contamination.

Deputy Public Prosecutor (DPP) Ng Jean Ting added that remand was required due to the extensive investigations having “many moving parts”.

The prosecution noted that the accused were likely to be connected, with information suggesting that there was some “form of network” involving them, witnesses and some suspects “out of jurisdiction”.

All the accused persons have engaged lawyers, who were mostly approached by family members. All counsel will be granted access to their clients on Aug 29, at the end of the remand period.

Su Jianfeng’s counsel, Ravindran Ramasamy of CNPLaw, relayed a request from his client’s wife to allow her to visit him. It was denied, as she was also a witness.

Another accused, Su Baolin, was reported to have a congenital heart condition and was remanded at Changi Medical Centre. CAD had seized S$130 million worth of properties and cars that were registered to him and his wife.

His lawyer, Sunil Sudheesan of Quahe Woo & Palmer, argued for him to be released on bail as he could be at risk of tachycardia, or an increased heart rate.

Should bail not be granted, Sudheesan asked to speak to his client immediately after the mention. However, DPP Ng said there were witnesses that Su Baolin could collude with if he were out on bail.

She noted that, as investigations were still in early stages, it would require time and resources to allow the accused to be out on bail or see his lawyer before Aug 29. Arranging this would also be difficult due to his medical condition.

District Judge Terence Tay agreed with the prosecution, noting that there was nothing to suggest that the accused would not receive adequate treatment while remanded.

Vang’s new counsel, Wendell Wong of Drew and Napier, also asked to have his client out on bail. Failing that, he asked to see his client for 15 minutes to take instructions and apprise him of his rights. The court did not grant either request.

Meanwhile, Su Haijin’s lawyer, Julian Tay of Lee & Lee, was allowed 15 minutes with his client to discuss surgery.

This would be done in-person at Changi General Hospital, where he is being treated, in the presence of the investigating officer.

According to a hospital memo, Su Haijin, a Cypriot national, sustained fractures to his femur, heel and wrist, after he reportedly jumped out of the second-floor balcony of a bungalow and hid in a drain.

CAD seized 18 properties and cars registered to him and his spouse, worth S$160 million.

Another Cypriot, Wang Dehai, told the court he was “illegally detained”.

Wang Dehai, represented by Adrian Wee of Lighthouse Law, said he had been in Singapore for five years and had not done anything unlawful.

The accused had S$49 million worth of assets seized. District Judge Tay replied that if he wished to make a defence, “there will be a proper forum to do so, with the proper rules and procedures”.

Wee also represents Wang Baosen, a Chinese national who also has a passport from Vanuatu.

Lin Baoying and Zhang Ruijin, whom The Business Times understands to be lovers, were represented by Loo Choon Chiaw and Chia Foon Yeow of Loo & Partners.

Chen Qingyuan is now represented by Focus Law Asia’s Mark Tan; and another Cambodian national, Su Wenqiang, is represented by Gabriel Law Corporation’s Manoj Nandwani.

All 10 foreign nationals will be back in court on Aug 30.