NEWS
HIGH MAINTENANCE: HALF YEAR UPKEEP OF FORFEITED ASSETS COSTS S’PORE S$650,000
By Tony Zhu
13-5-2024
Source: Singapore Police Force
The Singapore government has spent close to SGD650,000 (USD481,000) just to maintain the SGD3billion worth of assets forfeited from the city state’s largest ever money laundering case for half a year.
Seized in a high profile city-wide raid last August, these assets include thousands of bottles of fine wine and spirits, properties, branded bags, watches, trophy cars, cash, gold bars, bank accounts and cryptocurrency.
Answering questions in the parliament, minister for law and home affairs K Shanmugam said that police incurred expenses for engaging specialised services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets.
"As of March 2024, the police have incurred about SGD646,282 in such expenses," Shanmugam said.
"These expenses are borne by the State. They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled to the State," Shanmugam added.
The Singapore police force arrested 10 foreigners on 16 August 2023, suspected to be involved in a transnational money laundering syndicate.
They were charged the same day for offences ranging from forgery, money laundering and resistance to lawful apprehension.
More than SGD3 billion in assets were seized in relation to the case following an island-wide raid.
These included 207 properties, 77 vehicles, more than SGD1.45 billion in bank accounts, more than SGD76 million in cash of various currencies, thousands of bottles of liquor and wine, cryptocurrency worth more than SGD38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery.
The 10 foreigners, all are of Chinese origin, consisted of three Cambodian nationals, three Chinese nationals, two Cypriot nationals, one Turkish national and one Ni-Vanuatu national.
(the writer can be contacted at: info@thewinechronicle.com)
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