SINGAPORE: Singapore authorities have uncovered that Wang Baosen, one of the ten individuals implicated in the S$1.8 billion money laundering case, had orchestrated the establishment of his wife’s company to secure her an employment pass (EP) in the country.
This revelation came to light through Mr Seah Li Hao, an officer with the Commercial Affairs Department (CAD), who presented an affidavit supporting the prosecution’s plea to deny Wang bail in court on Wednesday (6 Sept).
Wang Baosen, a 31-year-old Chinese national, is currently facing two money laundering charges.
As part of the ongoing investigation, assets valued at over S$18 million have either been seized or placed under the prohibition of disposal orders, preventing their sale by the accused.
These assets encompass a black Toyota Alphard worth S$284,000, more than S$3.3 million spread across four bank accounts, and a property valued at S$14.76 million.
These assets were held jointly by Wang, his wife He Huifang, and Hui Xia Technology Investment, all of which have been subjected to seizure or freezing.
Officer Seah further disclosed that He Huifang is the sole director and shareholder of Hui Xia Technology Investment.
Contrary to He Huifang’s assertion of being an investment consultant in the company, the investigations revealed that the company’s primary purpose was to facilitate her EP application in Singapore.
Additionally, it was noted by Mr Seah that Wang holds a Dependent Pass linked to He Huifang’s purported employment in Singapore.
Furthermore, Wang possesses two passports, one issued by China and the other by Vanuatu.
All ten accused held EP and DP
The ten accused were apprehended during an islandwide raid on 15 August conducted by over 400 officers led by the CAD.
These individuals have different nationalities but share a common origin in Fujian.
Judge denies bail for Wang Baosen, citing high flight risk and international connections
The CAD officer emphasized Wang Baosen’s substantial flight risk due to his familial ties in China.
Wang’s parents and brother reside in China, and apart from his wife, he lacks any immediate family members in Singapore.
On the other hand, He Huifang, Wang’s wife, has two children from a previous relationship, along with her mother, who is currently in Singapore.
Furthermore, the prosecutor disclosed that, according to Wang’s statements, he possesses sources of income from overseas, including one million yuan (equivalent to S$189,230) in profits generated from his family’s tea plantation business in China between 2019 and 2023.
Singapore Chinese media Lianhe Zaobao previously reported that Anxi County in Fujian is renowned for its Iron Buddha (Tieguanyin) tea production, and it is also the last known residence of Chen Qingyuan, one of the ten accused.
Mr Seah underscored the seriousness of the two money laundering charges against Wang, emphasizing the presence of substantial credible evidence for these offenses.
He added that it would be a grave injustice if Wang were to manage to evade his charges.
“It would therefore be a great injustice should the accused manage to abscond and evade his charges,” added Mr Seah.
None of the ten accused granted bail amidst ongoing probe
Wang’s lawyer, Adrian Wee, countered by asserting that his client, who has been on remand for 22 days, should be released on bail.
He raised objections to three primary points mentioned in the affidavit: the seriousness of Wang’s offences, the potential for him to flee, and the risk of collusion with his cousin, referred to as “Y.”
Later in the day, District Judge Tan became convinced that there was indeed a “real and high flight risk,” along with concerns about potential collusion. Consequently, she decided to deny Wang’s bail.
The judge noted that Wang was a foreigner on a dependent pass, holding two foreign passports issued by different countries.
“Information points to (him) being a high flight risk because he has no roots or at best tenuous roots” in Singapore, the judge said, noting that Wang had the means to relocate elsewhere.
His case will be mentioned in court on 4 October, and the case of Su Baolin, another accused is scheduled for a pre-trial conference on the same date.
On Wednesday, none of the ten accused individuals in this high-profile case were granted bail, despite their counsels’ efforts to contest the prosecutor’s request for continued remand.