17-5-2024 (SINGAPORE) A data leak has shed light on the lavish property acquisitions made by individuals entangled in a $3 billion money laundering probe in Singapore. The revelations, aptly titled “Dubai Unlocked,” were brought to the fore by the Organised Crime and Corruption Reporting Project (OCCRP), an esteemed investigative journalism collective.
The data trove, meticulously analysed in collaboration with The Straits Times and numerous international media outlets, unveils a staggering web of real estate transactions orchestrated by the primary accused, Su Jianfeng, and his alleged accomplices. Collectively, they amassed a portfolio of at least 126 properties in the opulent enclaves of Dubai, with a combined value exceeding 537 million dirhams (approximately $197 million).
Among the acquisitions are extravagant villas, penthouses, and entire floors within prestigious developments such as The Grand at Dubai Creek, Grande Downtown Dubai, and the iconic Burj Khalifa, once the world’s tallest building. These properties were primarily marketed by Fidu Property Real Estate Brokerage, a leading Dubai-based firm catering primarily to Chinese buyers, and developed by the eminent Emaar Properties, boasting a staggering net asset value of US$37.6 billion (approximately S$50.6 billion) in 2022.
The data leak, obtained by the Washington-based Centre for Advanced Defence Studies (C4ADS) and shared with Norwegian financial outlet E24 and the OCCRP, has exposed intricate connections between Su Jianfeng and Singapore-based businessman Su Sihai. Both men hail from China, and the revelations suggest that Su Jianfeng’s property holdings in Dubai surpass what he had initially disclosed to Singaporean authorities, potentially indicating a more substantial role within the real estate company he co-owns with Su Sihai.
Su Jianfeng, a Vanuatu national, currently faces four money laundering charges and eight counts of forgery in Singapore. Notably, he was handed six additional forgery charges on May 16, four of which pertain to forged property sale contracts for five units in Dubai. These documents were allegedly submitted to deceive banks into believing he possessed legitimate sources of wealth.
The leak further implicates a network of individuals wanted in China, three individuals embroiled in the $3 billion money laundering probe in Singapore, associates identified by the Ministry of Law, and a China-born businessman who abruptly departed Singapore amidst the investigation.
Among the notable figures are Su Shuiming and Su Shuijun, two previously unknown Singapore-based business figures who collectively own 22 units spanning the entire 66th and 68th floors of Grande Downtown Dubai, amounting to an astounding $31 million investment. Remarkably, these individuals were placed on China’s wanted list in September 2023 for their alleged involvement in an online gambling syndicate.
Furthermore, Cypriot national Chen Mulin, identified as an associate by the Ministry of Law, owns an impressive 24 properties in Dubai, valued at over $28 million, within The Grand at Dubai Creek and Grande Downtown Dubai. Chen shares a residential address with Su Haijin, who was convicted and sentenced to 14 months in jail after forfeiting approximately 95% of his $174 million assets in Singapore.
The data leak also exposes the acquisitions of other prominent businessmen based in Singapore, including Su Binghai, a person of interest in the money laundering case, and his associate, Su Bingwang. Additionally, a Cambodian businessman with ties to Su Jianfeng and other accused individuals, identified as CZ, emerges as a significant property owner in Dubai, holding at least 20 properties worth over $36.7 million.
As the revelations continue to unfold, questions arise regarding the extent of cooperation between Emirati and Singaporean authorities in unravelling this intricate web of alleged money laundering and the acquisition of opulent properties in Dubai. The director-general of the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing, Hamid Al Zaabi, had previously praised Singapore’s handling of the probe, describing it as a case of global significance.
With international cooperation being paramount in combating such cross-jurisdictional crimes, the “Dubai Unlocked” data leak has undoubtedly shed a glaring spotlight on the intricate financial machinations of the accused individuals, prompting further scrutiny and potential legal ramifications.
