S$3b money laundering case: 8 companies in Singapore blacklisted over their links to 2 fugitives

[SINGAPORE] Eight companies in Singapore have been blacklisted and barred from business dealings over their links to two fugitives who allegedly played key roles in the S$3 billion money laundering case.

In a reply to queries from The Straits Times, the Singapore Police Force (SPF) and the Accounting and Corporate Regulatory Authority (Acra) said regulatory or enforcement actions have been taken against companies owned by Su Binghai from September 2023, and those linked to Xu Haika from April 2024.

“As these eight companies have been blacklisted, and their assets have been frozen since regulatory or enforcement actions commenced against them, it is not possible for them to have any more business dealings or financial transactions in Singapore,” said SPF and Acra in a joint statement.

Su and Xu Haika were among 17 suspects who evaded arrest during the police operation which saw 10 foreigners arrested on Aug 15, 2023, in the worst money laundering case in Singapore.

Checks on the business registry show that Xu Haika is listed as the sole director of holding company Rong Hai Development, a role he has held since December 2020.

He is also the sole shareholder in the company, with a total value of S$500,000.

Su is listed as a director of six companies which are all registered to a good class bungalow near Adam Food Centre where he previously lived.

He also remains a shareholder in eight firms, including New Future Holdings, where he holds S$2.5 million worth of shares.

The company is linked to Hong Kong-based private equity firm New Future International.

Su also holds another S$29.5 million of shares in his holding company Heritage 81, which is registered in Singapore.

SPF and Acra said that five of the eight companies linked to the pair are inactive firms in the process of being struck off since October 2025.

“(The other) three are companies that are not being struck off yet as their assets are still in the process of undergoing seizure or are pending realisation pursuant to court orders granted in 2024,” said SPF and Acra.

It was announced in November 2024 that 15 out of 17 suspects on the run had agreed to surrender their assets, valued at around S$1.85 billion, that were left behind as they fled Singapore.

The suspects included Su and his wife Wang Manzu.

The couple had agreed in October 2024 to have their assets surrendered to the state in exchange for the withdrawal of Interpol Red and Blue notices against them.

A Red Notice is a request to law enforcement worldwide to locate and arrest individuals wanted for prosecution or to serve a sentence. A Blue Notice is a request to collect additional information about a person’s identity, location or activities in relation to a criminal investigation.

The couple’s assets included properties and four cars valued at more than S$316.6 million.

Around S$144.9 million worth of assets linked to Xu Haika and another fugitive, Xu Hainan, remain seized or subject to prohibition of disposal orders in Singapore.

Luxury purchases

On Nov 9, ST and the Organised Crime and Corruption Reporting Project (OCCRP) reported that Su and Xu Haika went on a property shopping spree while on the run.

Su purchased nearly S$70 million worth of London properties through his UK-listed firms between July and September 2023.

Su bought nine apartments in St James’s Park worth S$27 million just one week after he escaped police raids in Singapore in August 2023.

He later purchased three Jurassic-era dinosaur skeletons for £12.4 million (S$21.3 million) in a December 2024 auction in London.

On Nov 7, the Britain’s National Crime Agency said that it had seized Su’s assets, including the nine properties, after reaching a settlement with the businessman to recover assets deemed to represent the proceeds of crime.

According to property deeds verified by ST and OCCRP, Xu Haika purchased 16 units worth around S$42.6 million in two developments in London between July and August 2023.

One of the projects, located in Fareham Street in central London, is a stone’s throw from Oxford Street, a major shopping belt.

An SPF spokesperson said investigations into both Xu Haika and Xu Hainan are ongoing. THE STRAITS TIMES