S$3bil money laundering accused gets 6 new charges for submitting forged statements to Swiss bank
SINGAPORE: Vang Shuiming, one of the 10 accused in Singapore’s largest money laundering case, was handed six more charges on Wednesday (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 has 22 charges in total, the most number of charges faced among the 10 accused.

Vang, who is listed as a Turkish national in his charge sheets, was one of 10 foreigners arrested on Aug 15, 2023, in islandwide raids that hit 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, Wendell Wong from Drew & Napier questioned why the latest charges against his client were tendered only now, when the defence had raised its position on the issue with banks earlier.

The prosecution said it did not have reasons for the delay, to which Mr Wong replied he would bring up the matter to the courts at a later hearing.

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According to past court hearings, cryptocurrency worth more than $3.8 million was withdrawn from Vang’s Binance account on Aug 17, 2023, while he was remanded.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 genuine, he can be jailed for up to four years and fined for each offence.

Su Wenqiang, a 32-year-old Cambodian national, has 11 charges, the second-highest number of charges faced among the 10 accused.

He is set to be the first of 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 more than $76 million in cash of 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. - The Straits Times/ANN
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SINGAPORE: Vang Shuiming, one of the 10 accused in Singapore’s largest money laundering case, was handed six more charges on Wednesday (March 27).