26-8-2023 (SINGAPORE) The legal fees for the ten foreigners arrested during the recent S$1 billion money laundering operation in Singapore could potentially soar to as high as S$10 million, according to lawyers interviewed by Shin Min Daily News. These individuals, facing charges of money laundering and forgery, appeared in court on August 23. Notably, the legal representation for these accused includes top-tier lawyers from renowned law firms such as Lee & Lee, Drew and Napier, and Quahe Woo & Palmer.
As reported by Shin Min, some of these lawyers could charge in excess of S$1,000 per hour, based on information from a Shin Min source. The source also revealed that legal fees are contingent on the nature and stage of the legal proceedings, with lawyers having varying rates depending on the progress of the case.
Another source indicated that the legal fees for each of the ten accused would amount to at least S$300,000, but the final costs could potentially escalate to S$1 million.
Accused Denied Bail and Restricted Contact with Families Amid Ongoing Investigations
Despite the efforts made by the defense lawyers representing the accused, the court denied bail and limited access to their families.
According to The Business Times, District Judge Terence Tay acceded to the prosecution’s request for an eight-day extension of remand for each accused to prevent interference with the ongoing investigations.
The prosecution argued that the investigation was complex, with various aspects in play. They contended that allowing the accused out on bail could risk collusion and the contamination of evidence, particularly given the likelihood that the accused were connected within a network involving some witnesses.
One of the accused, Su Baolin, had a lawyer argue for bail on the grounds of a congenital heart condition. However, the judge rejected this plea, asserting that Su Baolin, currently remanded at Changi Medical Centre, could receive adequate treatment while in custody.
Another accused, Su Haijin, who sustained multiple fractures after jumping from a second-floor balcony of a bungalow, requires surgery at Changi General Hospital, where he is under treatment.
Contact with the families of the ten accused will also be limited, as reported by The Straits Times. The judge allowed Su Haijin to see his family via his lawyer’s laptop in court, where he waved to them. However, several other accused were denied permission to communicate with their spouses and family, some of whom are witnesses in the case.
The prosecution raised concerns that family members could carry out instructions from the accused or external parties, potentially tampering with evidence and interfering with investigations.
Police Seek Documents from Over 10 Financial Institutions
The authorities are currently seeking documentation from more than ten financial institutions, including Citigroup’s Singapore subsidiary and Malaysia’s CIMB bank, as part of the ongoing investigations.
According to BT, two of the accused, Vang Shuiming and Su Baolin, have been charged with providing false information or documents to Citibank Singapore. Another two, Zhang Ruijin and Lin Baoying, are facing charges related to attempting to deceive CIMB regarding their property ownership and sale in Macau.
The Monetary Authority of Singapore (MAS) issued a statement stating that they would take decisive action against financial institutions found to have breached MAS’ stringent anti-money laundering and countering the financing of terrorism requirements.
Links to S$300,000 Donation to President’s Challenge 2020
Shin Min’s investigation also revealed that three of the accused had connections to donations made to the 2020 President’s Challenge.
A spokesperson for the President’s Challenge disclosed that they had received three cheques, each amounting to S$100,000, through Sian Chay Medical Institution, bearing the names of three of the accused. These funds were distributed to beneficiary organizations in June 2021.
The President’s Challenge spokesperson clarified that they had no direct contact with the three accused and that no further donations had been received since that time. They added that they were closely monitoring the situation in light of media coverage related to the money laundering case.
