$1.8b money laundering case: Company set up so wife of accused could get work pass

SINGAPORE – The company owned by the wife of one of the accused in the $1.8 billion money laundering case was set up so that she could get an employment pass (EP) here.

This was revealed by Mr Seah Li Hao, a Commercial Affairs Department (CAD) officer, in an affidavit to support the prosecution’s application on Wednesday that no bail be granted to her husband, Wang Baosen.

The 31-year-old Chinese national faces two money laundering charges.

Assets worth more than $18 million have been seized or subjected to prohibition of disposal orders relating to his case. The orders mean they cannot be sold by the accused.

They include a black Toyota Alphard worth $284,000, more than $3.3 million in four bank accounts and one property worth $14.76 million.

These assets owned by Wang; his wife, He Huifang; and Hui Xia Technology Investment were seized or frozen.

The officer said He owns Hui Xia Technology Investment, where she is the sole director and shareholder.

[[nid:644813]]

Mr Seah said He claimed she is an investment consultant in the company, but his investigations revealed that the company was set up for the main purpose of obtaining an EP for her in Singapore.

The Straits Times reported on Aug 18 that all 10 of the foreign nationals charged in this case held either an EP or a dependant’s pass (DP), and were originally from the Fujian province in China.

The officer added Wang holds a DP linked to He’s supposed employment in Singapore.

Mr Seah noted that Wang has two passports, issued by China and Vanuatu.

The CAD officer said Wang is a high flight risk as his parents and brother live in China. Apart from his wife, Wang has no other direct family members in Singapore.

He’s two children from a previous relationship and her mother are in Singapore.

Mr Seah said according to Wang’s account, he has overseas sources of income, including one million yuan (S$189,230) of profits earned from his family’s tea plantation business in China between 2019 and 2023.

ST reported on Aug 23 that Anxi County in Fujian is a tea-growing area known for its Iron Buddha (Tieguanyin) tea. The village is also the last known address of Chen Qingyuan, one of the 10 accused.

Fujian has long been linked to crime, from “snakehead” organisations that smuggled people into the United States by boat to triads in Hong Kong. In the late 1990s, telecoms scams that had gained traction in Taiwan moved to Fujian.

Highlighting the two money laundering charges that Wang faces, Mr Seah said the accused faces serious charges for offences for which there is early credible evidence.

“It would therefore be a great injustice should the accused manage to abscond and evade his charges,” added Mr Seah.

Acknowledging that He is also under investigation by the CAD, and that Wang was a high flight risk, District Judge Brenda Tan denied him bail on Wednesday.

He’s name was among the 34 names, including those of the 10 accused, that the Ministry of Law had sent to dealers of precious metals and stones in an e-mail seen by ST on Aug 28.

The dealers were told to review transactions and business relations to assess if there was suspected criminal conduct, including money laundering, in connection to the police investigation of the current case.

In an affidavit filed to support the prosecution’s application that no bail be granted to another accused, Su Baolin, CAD officer Louis Tey said there was a risk that Su Baolin would collude with witnesses, especially his wife, Ma Ning.

Mr Tey said bank accounts containing more than $33 million, over $57 million worth of properties, and around $4.9 million worth of vehicles in the couple’s name were seized or subjected to prohibition of disposal orders.

Su Baolin faces two charges in total. His second charge, which was recently amended, states that he had allegedly conspired with Wang Qiming to make a false document to cheat Standard Chartered Bank in December 2020.

Su Baolin was not granted bail on Wednesday.

“To release Su Baolin on bail would be to run the serious risk of these persons colluding in order to defeat investigations,” said Mr Tey, referring to Su Haijin, whose connection with Su Baolin was detailed in court on Wednesday.

[[nid:645511]]

This article was first published in The Straits Times. Permission required for reproduction.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.