26-2-2025 – The Singaporean government has made significant progress in liquidating assets surrendered in the nation’s landmark S$3 billion money laundering case, Law and Home Affairs Minister K Shanmugam informed Parliament on Wednesday.
Speaking in response to a question from Non-Constituency Member of Parliament Leong Mun Wai, Mr Shanmugam revealed that authorities have successfully converted 54 properties, 33 vehicles and 11 exclusive country club memberships into cash as of December 2024. Among these liquidated assets were premium club memberships including a Sentosa Golf Club membership valued at S$550,300 and a Singapore Island Country Club membership worth S$410,000.
Approximately S$1.8 million has already been transferred to the government’s consolidated fund, with an additional S$390 million pending similar transfer within the 2024 financial year. The consolidated fund serves as the government’s primary financial repository, functioning effectively as the state’s bank account for both revenue collection and expenditure.
The minister disclosed that assets totalling roughly S$2.79 billion have been surrendered to the state in connection with the case. This figure encompasses S$1.54 billion in cash and financial instruments, with the remainder comprising non-cash assets including real estate, vehicles and luxury items. Of this total, S$944 million came from the ten individuals who received sentences in the case, all of whom have now been deported, with the last offender leaving Singapore in July 2024.
A further S$1.85 billion worth of assets was surrendered by 15 of the 17 foreign nationals who fled Singapore during the investigation.
The maintenance of these forfeited assets has not been without cost. Mr Shanmugam noted that police incurred expenses exceeding S$600,000 in the 2023 financial year alone for asset preservation. These costs cover specialised services for handling and maintaining seized items, including proper storage for thousands of liquor bottles, collectible Bearbrick figures, designer handbags, and regular servicing for vehicles.
In a previous statement from May 2024, the minister had clarified that these maintenance expenses “are borne by the state” but are effectively covered by the forfeited cash and liquidation proceeds, which are ultimately channelled to government coffers.
