Suspect in S$1.8 billion case funds acquisition of 10 luxury units at Canninghill Piers

SINGAPORE: It appears that a missing piece of the puzzle involving mysterious Chinese buyers from Fujian, who allegedly bulk-purchased 20 units at CanningHill Piers for an estimated S$85 million in June 2022, has finally been revealed during the ongoing trial of all ten suspects in Singapore’s S$1.8 billion money laundering case.

CNA reported that according to an affidavit provided by the lead police investigator for the court hearing on Tuesday (5 Sept), one of the suspects in the case, Vang Shui Ming, had financed the acquisition of 10 units in the aforementioned luxurious condominium.

Police investigations revealed that Vang (or Wang Shui Ming), a 42-year-old Turkish national originally from Fujian, China, had over S$200 million in assets confiscated by authorities, which included a staggering S$962,000 in cash discovered at his residence.

The prosecutor further divulged in the High Court that Vang had procured a total of 11 properties.

The investigating officer said in his affidavit that Singapore police had acted on intelligence from foreign authorities regarding the movement of assets of at least S$3 million in Vang’s name by a person of interest after Vang had been arrested.

These assets were previously not known to police and amounted to more than US$30 million.

The prosecutor unveiled evidence suggesting a close association between Vang and two co-accused individuals: Su Haijin, a Cypriot national, and Su Baolin, a Cambodian national.

They are among the nine men and one woman, aged between 31 and 44, who were apprehended during an islandwide raid conducted by over 400 officers led by the Commercial Affairs Department (CAD).

These individuals have different nationalities but share a common origin in Fujian.

Furthermore, the prosecutor revealed that both Vang and his brother, Wang Shuiting, are sought by Chinese authorities for their involvement in illegal gambling activities.

Vang is also in communication with another suspect, known as Suspect X, who is sought by Singaporean police and is no longer within the country.

These communications appear to be related to other illicit activities, and approximately S$260 million worth of assets linked to Suspect X have been confiscated.

Suspect X is also wanted by Chinese authorities for involvement in illegal gambling activities.

On Tuesday (5 Sept), prosecutors disclosed to the Singapore High Court that they have assumed control of assets exceeding S$1.8 billion (approximately US$1.3 billion) as they continue to probe this high-profile case within the city-state.

Vang’s legal representatives appealed to the High Court for their client’s release on bail, but the request was dismissed by the judge.

High-value Canninghill Piers units linked to suspect in S$1.8 billion money laundering case

The 20 Canninghill Piers units that were bought in June last year include 10 3-room flats priced between $3.1 million and $3.3 million, and ten 4-room units priced between $5.3 million and $5.6 million.

As reported earlier by Lianhe Zaobao, industry sources with knowledge of the transaction revealed that the funds used to acquire these units were transferred from Indonesia to Singapore.

Canninghill Piers is jointly developed by City Developments Ltd and CapitaLand Development, with an additional unit at Shun Tak Holdings’ Park Nova.

These units are currently in the construction phase and have been subjected to prohibition of disposal orders.

According to The Edge, City Developments and Shun Tak did not respond immediately to requests for comments.

A spokesperson for CapitaLand Development stated that the firm is unable to comment at this time, given the ongoing investigations.