Nearly S$650,000 spent to maintain, upkeep seized assets in billion-dollar money laundering case
These expenses are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, says Home Affairs and Law Minister K Shanmugam.
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More than S$3 billion in assets, including vehicles and luxury goods, have been seized as a result of police operations into money laundering and forgery activities since August 2023. (Photo: Singapore Police Force)
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SINGAPORE: The police have spent about S$646,282 (US$477,758) so far to maintain billions of dollars of assets seized or frozen in relation to Singapore’s largest money laundering case.
Over 150 properties, dozens of vehicles, gold bars, jewellery, crypto, cash and luxury watches make up the more than S$3 billion of assets seized or frozen since police operations began in August last year.
Home Affairs and Law Minister K Shanmugam on Tuesday (May 7) provided a written response to a parliamentary question by Member of Parliament Saktiandi Supaat (PAP-Bishan-Toa Payoh).
Mr Saktiandi had asked about the money spent to preserve the assets seized and how this sum would be covered.
"Expenses are incurred for the storage, maintenance and safeguarding of the seized assets, comprising properties, vehicles and luxury goods such as branded bags, watches and alcohol," Mr Shanmugam said.
He added that these expenses include the engaging of specialised services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets.
"These expenses are borne by the state," said Mr Shanmugam. "They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled to the state."
Some of the seized items, like the "thousands" of bottles of liquor and wine, as well as ornaments like Bearbrick figures and branded bags, must be stored appropriately to maintain their condition, while the vehicles will have to be serviced.
The police said in January that the total value of assets seized or issued with prohibition of disposal orders is more than S$3 billion to date.
Singapore police seized four cars worth about S$4.8 million, including two Rolls-Royces and a Porsche, from a property along Third Avenue on Wednesday (Oct 25). This was part of the S$2.8 billion worth of assets in Singapore's largest money laundering probe. The police also seized 56 Bearbricks from another location.
Five people have been sentenced in relation to this case. Two of them were deported to Cambodia on Monday .
Su Wenqiang and Wang Baosen, both 32, have been barred from re-entering Singapore.
Authorities had seized more than S$5.9 million from Su in the form of cash, vehicles, luxury items and liquor.
More than S$8 million in assets belonging to Wang – in cash, vehicles, property and collectible items – was seized. This includes his assets under his wife's name.
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