Suspects in Singapore’s S$2.8 billion money laundering investigation have been creating firms in the country since January 2017, according to a Business Times (BT) analysis of company filings.
Through various shareholdings and directorships, the individuals have linkages to at least 35 entities in Singapore and Cambodia. Six of those entities have been removed.
Six of the 35 companies related to the ten accused are linked to more than one suspect, illustrating the connections between these individuals via corporate links.
The alleged involvement of the ten individuals in Singapore’s greatest money laundering scandal has spurred authorities to investigate the economic activity of businesses linked to them, despite the fact that no criminal links have been confirmed.
To untangle the overlapping relationships between suspects and corporations, BT analyzed data from the Accounting and Corporate Regulatory Authority (Acra) and analytics platform Handshakes.
The first time a corporation was linked to more than one suspect occurred on April 22, 2019. Su Haijin and Su Baolin are both shareholders in Meining (Asia) International Electronic Commerce, a holding firm and adult clothes business.
Meining (Asia)’s other four stockholders are all foreigners. One is a Cypriot national, while the other three are Chinese with registered addresses in Fujian province.
Over a third of the enterprises associated with the suspects were classified as information technology (IT) firms. Twelve of the 35 are IT companies, six are holding corporations, five are wholesale and retail businesses, and four are management consultancies.
The remaining eight sectors include food and beverage, construction, and e-commerce.
Su Jianfeng, a Vanuatu national, owned DA Luxury at the time of its establishment. Nine days later, he was no longer a stockholder.
BT checks revealed that DA Luxury was selling designer watches, jewelry, and handbags online. Diamond-encrusted necklaces, sapphire earrings, and high-end timepieces from Rolex and Patek Philippe were among the items displayed on its website and social media accounts.
According to investigators, some of the enterprises related to the accused are shell corporations or businesses put up to manage the suspects’ investments.
More details were revealed at a bail hearing for Su Jianfeng, who faces four money laundering counts, on October 18. He argued that his position as CEO of a computer support company demonstrated his Singaporean background.
However, investigators believe An Xing Technology is most likely a shell business. It only had one corporate bank account, which was primarily inactive.
Acra has registered Xing Technology as an IT consultancy. It has the same registration address as DA Luxury in Telok Ayer.
“Further, and critically, the accused himself said in his statements that despite him being CEO, he is ‘unclear’ of the company’s business and does not even know the location of its office,” prosecutors said in their submissions to deny him bail.
Another firm, Golden Eagle Family Office, was believed to have been established for Chinese national Zhang Ruijin to obtain a work permit and handle his riches. According to an investigator’s affidavit, Zhang made this accusation in his statement.
Lin Baoying, the other beneficial owner of Golden Eagle Family Office, also works for the company.
Lin’s other Singapore-registered firms include Ban Tian Yao Catering Management and Eagle77.
According to an investigator’s affidavit, these companies have no real operations. Eagle77 appears to have been created to facilitate Lin’s property purchases.
On October 3, it was disclosed in Parliament that one or more of the suspects may have ties to single family offices that obtained tax breaks.
Singapore’s Monetary Authority is evaluating its internal mechanisms for such incentives.