27-3-2024 (SINGAPORE) Vang Shuiming, one of the key figures in Singapore’s most significant money laundering case, was slapped with six additional charges on March 27.
The 42-year-old, also known as Wang Shuiming, stands accused of submitting forged financial statements from two companies, Xiamen Yetian Trading and Xiamen Likanghang Trading, to Bank Julius Baer & Co’s Singapore branch on July 19, 2022, as supporting documentation.
Bank Julius Baer & Co, a Swiss private bank, offers a range of financial services, including financing, investment advisory, and wealth management.
The newly added charges pertain to financial statements dating from 2017 to 2019, bringing the total number of charges against Vang to 22, the highest among the ten accused individuals.
Vang, listed as a Turkish national in his charge sheets, was among the ten foreigners apprehended on August 15, 2023, during islandwide raids targeting luxury residences across Singapore, including areas like Tanglin, Bukit Timah, Orchard Road, Sentosa, and River Valley.
The assets seized in connection with the case now exceed $3 billion.
During the hearing on March 27, Mr Wendell Wong from Drew & Napier raised concerns about the timing of the latest charges, questioning why they were tendered only now despite the defence previously addressing the matter with banks.
The prosecution cited no specific reasons for the delay, prompting Mr Wong to indicate that he would raise the issue in subsequent court sessions.
Mr Wong sought permission to confer with Vang via video link for 10 to 15 minutes, a request granted by District Judge Shawn Ho.
Vang had previously faced charges including four counts of money laundering and twelve counts of submitting forged financial documents to banks.
The money laundering charges involve approximately $2.4 million held across four bank accounts, purportedly proceeds from an unlicensed money lending operation in China.
The forgery-related charges allege Vang submitted forged financial statements from three companies to UOB Kay Hian and Citibank Singapore.
Notably, cryptocurrency exceeding $3.8 million was withdrawn from Vang’s Binance account on August 17, 2023, during his remand, indicating external connections that heighten the risk of flight.
Vang’s brother, Wang Shuiting, is among eight fugitives sought by Singapore police, wanted for involvement in illegal gambling activities, and both brothers feature on China’s wanted list.
In October 2023, a High Court judge denied bail for Vang, citing a flight risk as he possessed passports from Turkey, Vanuatu, and Cambodia.
Assets worth over $240 million linked to Vang and his spouse have been seized or subjected to prohibition orders in Singapore, with additional assets exceeding $35.5 million abroad.
Vang is scheduled to appear for a pre-trial conference on April 4.
Rainbow Centre, operator of three special education schools, confirmed receiving donations from Vang and two other accused individuals, with Vang contributing $30,000, according to its annual report.
If convicted of money laundering, Vang faces fines of up to $500,000 and imprisonment of up to ten years per offence. For using a forged document as genuine, he could be jailed for up to four years and fined.
Meanwhile, Su Wenqiang, a 32-year-old Cambodian national, faces 11 charges, the second-highest among the ten accused, and is set to plead guilty on April 2. Su Haijin, facing two charges, is due to plead guilty on April 4.
Assets seized thus far include 207 properties, 77 vehicles, bank accounts with over $1.45 billion, and cash exceeding $76 million in various currencies. Additionally, liquor, cryptocurrency, gold bars, luxury items, and jewellery have been confiscated.
