Vang Shuiming, one of the 10 accused in Singapore’s largest money laundering case, was handed six more charges on March 27. Vang, 42, also known as Wang Shuiming, allegedly submitted forged financial statements from two companies – Xiamen Yetian Trading and Xiamen...
A High Court judge refused bail for Vang in October 2023, saying there was a risk of Vang absconding as he had obtained passports from Turkey, Vanuatu and Cambodia.Vang Shuiming, one of the 10 accused in Singapore’s largest money laundering case, was handed six more charges on March 27.
Vang, who is listed as a Turkish National in his charge sheets, was one of 10 foreigners arrested on Aug 15, 2023, in islandwide raids hitting luxury homes across Singapore including Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.During the March 27 hearing, Mr Wendell Wong from Drew & Napier questioned why the latest charges against his client were tendered only now, when the defence had raised its position on the issue with banks earlier.
Vang was previously charged with four counts of money laundering and 12 counts of submitting forged financial documents to banks. He allegedly submitted a forged bank statement to Citibank Singapore in March 2021. from Vang’s Binance account on Aug 17, 2023, while he was remanded. The Commercial Affairs Department’s lead investigation officer for the case said this showed Vang had connections outside, which made him a high flight risk.
Assets worth more than $240 million in the name of Vang and his wife had been seized or subject to prohibition orders in Singapore. Vang also has more than $35.5 million in assets abroad.The Straits Times reported in October 2023 that Rainbow Centre, the operator of three special education schools, acknowledged it received donations from Vang and two of the 10 charged. According to its annual report, Vang donated $30,000.
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