SINGAPORE (BLOOMBERG): A series of properties owned by entities linked to the suspects in a Singaporean money laundering case worth more than S$3 billion (US$2.2 billion to RM10.5 billion) have been put up for sale, the Business Times says. The paper reported.
According to the report, eight shophouses are on the market, three of which are currently being advertised for S$61.1 million.
The three properties, located on Stanley Street in Chinatown, were purchased by a Chinese businessman with ties to Wang Dehai, one of the 10 defendants currently detained in Singapore, the report said. .
The scandal and its developments have shocked a well-ordered nation and prompted a review of policies that may have been exploited for years at some of the world’s largest banks to launder large sums of money. This was the trigger.
According to reports, the Stanley Street property is owned by the Aalto Group, a holding company whose sole director is Su Fuxiang, who police have identified as a person of interest.
The report said Mr Knight Frank was marketing the shophouse on behalf of the receiver appointed by Aalto Group.
Five nearby shophouse units said to be worth around S$45 million were put up for sale in December, Business Times reported, citing Chinese daily Lianhe Zhaobao.
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