$3b money laundering accused gets 6 new charges for submitting forged statements to Swiss bank

Source: Straits Times
Article Date: 28 Mar 2024
Author: Wong Shiying

A High Court judge in October 2023 refused bail for Vang, 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, 42, also known as Wang Shuiming, allegedly submitted 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 is a Swiss private bank that offers financing, investment advisory, custodial and wealth management services

The financial statements mentioned in the new charges were from 2017 to 2019.

Vang now faces 22 charges in total – the most among the 10 accused.

Vang, who is listed as a Turkish national in his charge sheets, was among 10 foreigners arrested on Aug 15, 2023, in islandwide raids on luxury homes across Singapore, including in Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.

The assets seized in the case are now worth more than $3 billion.

During the March 27 hearing, Mr Wendell Wong from Drew & Napier asked why the latest charges against his client were tendered only now, when the defence had raised its position on the issue with banks earlier.

A police prosecutor said he did not have information on the matter, to which Mr Wong replied that he would bring up the issue to the courts at a later hearing.

Mr Wong asked to speak to Vang for 10 to 15 minutes over video link, and his request was granted by District Judge Shawn Ho.

Vang was previously charged with four counts of money laundering and 12 counts of submitting forged financial documents to banks.

The money laundering charges relate to about $2.4 million held in four bank accounts. The sums are purportedly benefits from an unlicensed moneylending business in China.

The forgery-related charges allege that Vang had submitted forged financial statements from three companies – Xiamen Mingxin Guarantee, Xiamen Yetian Trading and Xiamen Likanghang Trading – to UOB Kay Hian on June 28, 2022, as supporting documentation.

He allegedly submitted a forged bank statement to Citibank Singapore in March 2021.

According to past court hearings, cryptocurrency worth more than $3.8 million was withdrawn 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.

Vang’s brother, Wang Shuiting, is one of eight fugitives wanted by the Singapore police in connection with the case. The brothers are on China’s wanted list for illegal gambling activities.

A High Court judge in October 2023 refused bail for Vang, saying there was a risk of Vang absconding as he had obtained passports from Turkey, Vanuatu and Cambodia by making donations to these countries.

Assets worth more than $240 million in the name of Vang and his wife have been seized or are subject to prohibition orders in Singapore. Vang also has more than $35.5 million in assets abroad.

He will return to court for a pre-trial conference on April 4.

The Straits Times reported in October 2023 that Rainbow Centre, the operator of three special education schools, acknowledged it had received donations from Vang and two of the 10 charged. According to its annual report, Vang donated $30,000.

If convicted of money laundering, Vang can be fined up to $500,000 and jailed for up to 10 years for each offence.

If convicted of using a forged document as a genuine one, he can be jailed for up to four years and fined for each offence.

Su Wenqiang, a 32-year-old Cambodian national, faces 11 charges, the second-highest among the 10 accused.

He is set to be the first among them to plead guilty on April 2.

Su Haijin, who faces two charges, is set to plead guilty on April 4.

So far, the assets seized in the case include 207 properties, 77 vehicles, more than $1.45 billion in bank accounts, and over $76 million in cash in various currencies.

Thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery have also been seized.