Money laundering case: Cars, properties, club memberships worth S$2.79 billion turned in by end-2024

SOME S$2.79 billion worth of assets linked to the S$3 billion money laundering case has been surrendered to the state as at December 2024, Minister for Law and Home Affairs K Shanmugam disclosed on Wednesday (Feb 26). 

Around S$1.54 billion of the assets were in cash or financial assets; the rest were in non-cash assets such as properties, vehicles and luxury items. 

“These assets are progressively being liquidated. As at December 2024, 54 properties, 33 vehicles and 11 country club memberships had been liquidated. Proceeds from the liquidation of non-cash assets would subsequently be paid into the Consolidated Fund,” he said. 

He was responding to a question posed by Non-Constituency MP Leong Mun Wai on the percentage of assets that have been disposed.

About S$1.8 million had been paid into the Consolidated Fund as at December 2024. Another S$390 million, which includes proceeds from the liquidation, are pending similar payment into the Consolidated Fund for FY2024, Shanmugam said. 

The police incurred over S$600,000 in costs in FY2023 to maintain the assets, he said. This is the latest available figure, as these expenses are tracked on an annual basis.