Court Cases
Vang Shuiming faces six new charges in Singapore’s S$3B money laundering case
In Singapore’s S$3 billion money laundering case, Vang Shuiming faces six new charges on Wednesday for submitting forged financial statements. With a total of 22 charges, he stands as the most heavily accused among the group of 10 individuals involved.
SINGAPORE: Vang Shuiming (王水明), a central figure in Singapore’s landmark S$3 billion money laundering case, faced six additional charges on Wednesday (27 March) in State Courts.
The 42-year-old, also known as Wang Shuiming, stands accused of submitting forged financial statements from two companies – Xiamen Yetian Trading (厦门烨天商贸有限公司) and Xiamen Likanghang Trading (厦门市立康行商贸有限公司) – to Bank Julius Baer & Co’s Singapore branch on 19 July 2022, as part of his alleged scheme.
Bank Julius Baer & Co, a Swiss private bank offering financing, investment advisory, custodial, and wealth management services, was allegedly misled by these falsified documents.
The financial statements implicated in the new charges span the years 2017 to 2019.
With these additional charges, Vang’s total count has now reached 22, making him the most heavily charged among the group of 10 accused individuals.
Vang, identified as a Turkish national in the charge sheets, also holds passports from China and Vanuatu.
He was one of ten individuals arrested by the Commercial Affairs Department (CAD) islandwide raid on 15 August 2023, all of whom originally hailed from Fujian, China.
The assets seized in the case are now worth more than S$3 billion.
During the Wednesday hearing, Vang’s lawyer, Mr Wendell Wong raised questions regarding the timing of the latest charges against his client, highlighting that the defence had previously addressed these issues with banks.
The prosecution conceded it lacked justification for the delay, prompting Mr Wong to indicate that he would address this matter in subsequent court proceedings.
Mr Wong requested a brief video conference with Vang, which was granted by District Judge Shawn Ho.
Vang had previously faced charges encompassing four counts of money laundering and 12 counts of submitting forged financial documents to banks.
The money laundering allegations pertain to approximately S$2.4 million held across four bank accounts, purportedly stemming from an unlicensed money lending enterprise in China.
The forgery charges assert that Vang provided altered financial statements from three companies – Xiamen Mingxin Guarantee, Xiamen Yetian Trading, and Xiamen Likanghang Trading – to UOB Kay Hian on 28 June 2022, as supporting documentation.
Additionally, he allegedly submitted a falsified bank statement to Citibank Singapore in March 2021.
A check on a Chinese website indicated that Xiamen Likanghang Trading is involved in the realm of retail and wholesale trade, with a focus on various consumer goods.
Based on the available information, the company was established in 2011 in Xiamen. Vang, along with a woman named Vang Ruiyan (王瑞燕), are listed as shareholders of the company, with Song Aolan (宋傲兰) serving as the legal representative.
Previous court proceedings revealed that cryptocurrency exceeding S$3.8 million was withdrawn from Vang’s Binance account on 17 August 2023, while he was in custody.
The lead investigation officer from the Commercial Affairs Department cited this as evidence of Vang’s external connections, heightening concerns about his potential to flee.
Vang’s brother, Wang Shuiting, is among eight fugitives sought by Singaporean authorities in connection with the case.
Wang Shuiting, who is also a member of the Sentosa Golf Club, is wanted by the Chinese authorities for his involvement in the Heng Bo Bao Wang (恒博包网) gambling syndicate, which was uncovered in May 2022.
His brother, Shuiming, is also wanted in China, allegedly for the same reason.
In October 2023, a High Court judge denied bail for Vang, citing flight risks due to his possession of passports from Turkey, Vanuatu, and Cambodia, acquired through donations to these countries.
Assets valued at over S$240 million, linked to Vang and his spouse, have been seized or subjected to prohibition orders in Singapore.
Additionally, Vang holds assets exceeding $35.5 million overseas.
According to a statement issued by the Rainbow Centre, three accused in the S$3 billion money laundering case, including Vang, Su Haijin and Zhang Ruijin, donated a total of S$72,450 between 2020 and 2023.
Notably, Vang donated a total of S$30,000 to the charity centre, while Su and Zhang donated S$25,350 and S$17,100 separately.
Pre-trial conference set for Vang on 4 April
Vang is scheduled to appear for a pre-trial conference on 4 April.
If found guilty of money laundering, Vang could face fines of up to S$500,000 and a maximum prison sentence of 10 years for each offence.
Similarly, if convicted of using forged documents as genuine, he could face imprisonment for up to four years and fines for each offence.
Su Wenqiang, a 32-year-old Cambodian national, is facing 11 charges, marking the second-highest number among the 10 accused individuals.
He is scheduled to be the first among them to enter a guilty plea on 2 April.
Su Haijin, facing two charges, is set to plead guilty on 4 April.
To date, assets seized in connection with the case comprise 207 properties, 77 vehicles, over S$1.45 billion in various bank accounts, and more than S$76 million in cash across different currencies.
Additionally, authorities have confiscated thousands of bottles of liquor and wine, cryptocurrency valued at over S$38 million, 68 gold bars, 483 luxury bags, 169 branded watches, and 580 pieces of jewellery.
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This Fujian Fugitive acts surprised as if they did not do anything wrong. But the judge is smart knowing they’ll do a runner if bail is offered because they have all sort of passports or documents.
Keep them in the cell for prosecution.