An entrepreneur originating from Fujian is reportedly linked to Wang Dehai, one of the ten individuals accused in Singapore’s high-profile S$2.8 billion money laundering case.
Allegedly, Su Binghai, the founder of an Asian private equity firm, along with his two associates, Su Bingwang, and Su Fuxiang abruptly departed Singapore in September, as authorities aimed to question him regarding his potential ties to the high-profile case.
On 15 August, Singapore police conducted an extensive island-wide raid resulting in the arrest of 10 Fujian-origin foreigners suspected of involvement in money laundering and forgery activities.
This operation led to a historic seizure of assets, sending shockwaves across the entire island.
Su Binghai established the Hong Kong-based private equity firm, New Future International, in 2017.
The following year, he became a co-owner of the firm alongside Wang Dehai, one of the ten arrested in connection with Singapore’s high-profile case.
These revelations surfaced through a joint investigative report by the Organised Crime and Corruption Reporting Project (OCCRP) in collaboration with Singapore state media, the Straits Times.
Cambodian citizen with origins in Fujian, China
Su holds Cambodian citizenship and possesses passports from Vanuatu, a South Pacific Ocean nation, and St Kitts and Nevis in the Caribbean.
However, he originates from Anxi County, an inland mountainous region within Fujian province, sharing a common Fujian heritage with all ten individuals accused in the S$2.8 billion case.
Within Singapore, Su Binghai is listed as a director and shareholder in six businesses, in addition to being a shareholder in two other firms.
His six companies are registered at his Singapore home address—a rented prestigious property (Good Class Bungalow – GCB) located on Jalan Asuhan, off Adam Road.
Su also possesses properties abroad, including holdings in Hong Kong.
The report highlights that Su Binghai, a major shareholder in Singapore’s New Future Holdings, has drawn police interest.
In 2019, The ownership entity was relocated from Hong Kong to the British Virgin Islands, a tax haven renowned for its high corporate secrecy.
Collectively, Su Binghai and his two associates possess tens of millions of dollars in properties across the globe.
The Singapore authorities have not explicitly stated that New Future is under investigation.
Su Binghai and other New Future directors allegedly evade Singapore Police inquiry
When an ST reporter recently visited Su Binghai’s Singapore residence in Jalan Asuhan, a domestic worker disclosed that over 10 uniformed police officers had visited the property in September, shortly after the raids.
They were searching for her employer, but Su Binghai and his wife had already vacated the premises without divulging their whereabouts or return plans.
Su Binghai actively engaged in charitable endeavours within Singapore’s philanthropic circles.
He generously contributed to the Singapore Disability Sports Council’s charity golf event in 2022 and was recognized as a donor in the Community Chest’s 2023 awards.
Records from the Hong Kong Jockey Club reveal Su Binghai’s membership in at least three horse-racing groups on the island, reflecting his involvement in the equestrian community.
Additionally, in Britain, Mr. Su Binghai serves as the sole director of two active firms, Su Empire and Su Group, both established in March 2023 as holding companies.
Associates of Su Binghai involved in charity and social engagements
Su Fuxiang, a known associate and shareholder of New Future Holdings alongside Su Binghai, has been active in both business and charitable circles.
Earlier this year, media reports revealed that Su Fuxiang, a foreigner, acquired a row of six shophouses for $80 million through a Singapore-incorporated firm.
Similar to Su Binghai, Su Fuxiang was engaged in charitable contributions and social endeavours. He notably sponsored the 100th concert of the Orchestra of the Music Makers (OMM) at the Esplanade in May 2023.
A spokesperson from OMM confirmed that Su Fuxiang had donated a total of S$80,000 to the volunteer-run charity between 2018 and 2023.
According to OMM, Su Fuxiang had expressed interest in setting up a foundation to increase his community contributions after residing in Singapore with his family for more than three years.
Additionally, he was involved with a family office here and had a background in business, as per OMM’s due diligence processes. Su Fuxiang had also previously made donations to other charitable organizations in Singapore.
Notably, Su Fuxiang, along with Su Binghai, appeared as donors for Shine Children and Youth Services from 2021 to 2023.
The OMM spokesman said: “He (Su Fuxiang) said he was keen to set up a foundation to increase his contributions to the community after settling down with his family in Singapore for more than three years.”
Su Fuxiang’s associations have also raised some scrutiny. He is listed as a member of Sentosa Golf Club, joining alongside individuals like Zhang Ruijin, Lin Baoying, Su Baolin, Su Yongcan, and Su Zigen.
Among these names, Zhang Ruijin, Lin Baoying, and Su Baolin are among the ten individuals arrested in the money laundering operation.
Su Yongcan was identified as the brother-in-law of Wang Dehai in court and was flagged by MinLaw for suspicious transactions, along with 24 other associates of the accused.
Furthermore, Su Zigen, listed as a director of the Cambodian company Su Zigen Chengmei, had Su Haijin, one of the accused in the money laundering probe, listed as chairman.
Meanwhile, Su Bingwang, another individual not seen since September, was known for renting a GCB in Rochalie Drive, close to embassies and lavish residences.
Interestingly, the same GCB has been featured across multiple property listing sites for rental starting in January 2024, with a monthly rate set at S$45,000.
According to OCCRP, ST visited New Future’s Singapore office twice, on 1 and 13 Dec.
A staff member revealed uncertainty regarding Su’s willingness to engage with the media.
However, it was confirmed that both Su Binghai and Su Fuxiang were previously active in the firm and frequently visited the Singapore office, although their recent presence has been notably absent.
Regarding the firm’s connection to Hong Kong’s New Future International, the staff denied any association, clarifying that they specialize in gaming and app development for games like Mobile Legends.
Wang Dehai, wanted in China, finds refuge in ‘safer’ Singapore
Wang Dehai, the co-owner of New Future International alongside Su, initially entered a Philippines-based remote gambling business in 2012 as a customer service representative.
Eventually, he transitioned to a promoter responsible for posting online advertisements.
In 2016, Wang Dehai faced allegations from Chinese authorities regarding illicit activities.
Acting on advice from his brother-in-law, he chose to relocate to Singapore, deeming it a “safer” haven for various reasons, despite being a wanted individual in China.
Despite his status as a wanted individual in China, Wang Dehai, in 2018, partnered with Su Binghai to establish Yuen Zheng Holding Limited, splitting ownership equally according to Hong Kong corporate registry data.
That same year, Yuen Zheng Holding Limited acquired 100% of the shares of New Future International Limited, a private equity firm founded by Su Binghai a year earlier.
Subsequently, in 2019, New Future underwent another change in ownership entity, being taken over by a different entity registered in the British Virgin Islands named “Yuan Zheng Holding Limited.”
Their Hong Kong-based company, Yuen Zheng, was dissolved in 2021.
Despite these ownership changes, the three Sus continue to serve as directors of New Future, as indicated in a 2023 corporate filing in Hong Kong.
Singapore corporate records reveal that Su Binghai and Su Fuxiang are the principal shareholders of New Future’s Singapore subsidiary.
Su Binghai prominently features on New Future’s corporate website, depicted at the centre of a group of suited professionals.
Although the company does not disclose financial results, it proudly declares on its website that “the Founding Partners have, separately or jointly as co-investors, made over $2 billion of private equity investments in Greater China during the five-year period prior to founding New Future.”
The website also lists a portfolio of industries — including “Environmental Material Technology and Applications,” “Digital Mobile Payment Service,” and “VR Immersive Solutions” — in which it says it invests in Hong Kong, China, Singapore, and Indonesia.
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