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Second accused in S$3B money laundering case sentenced 14-month jail

Accused Su Haijin in S$3B money laundering case sentenced to 14 months, following Su Wenqiang’s 13-month term. Legal expert suggests Su Wenqiang may be released by late April if sentence is backdated and granted remission.

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SINGAPORE: Su Haijin (苏海金), one of the ten individuals implicated in Singapore’s landmark S$3 billion money laundering case, received a 14-month prison sentence on Thursday (4 April) after pleading guilty to one count of resisting arrest and two counts of money laundering.

This follows the sentencing of another individual among the ten, Su Wenqiang (苏文强), to 13 months in jail for money laundering charges three days ago.

Su Haijin, a 41-year-old Cypriot national originally from Fujian, China, becomes the second among the accused to be convicted in the case.

As part of a plea bargain, he agreed to forfeit approximately 90 per cent of seized assets worth S$170 million to the state.

Su Haijin refused to cooperate with authorities when they attempted to arrest him at a Good Class Bungalow in Ewart Park, Bukit Timah, at around 6:40 am on 15 August 2023, during an islandwide anti-money-laundering operation.

He attempted to flee by leaping from a second-floor balcony but was apprehended hiding in a nearby drain, sustaining injuries to his feet and wrist in the process.

11 additional charges taken into consideration for sentencing purposes

His 11 additional charges, including offences related to abetting the making of false statements to the Ministry of Manpower (MOM), were taken into consideration for sentencing purposes by Senior District Judge Ong Hian Sun.

Su’s jail term has been retroactively dated to the day of his arrest.

Since then, the former director of the Singapore Catalist-listed food and beverage operator No Signboard has remained in custody.

The prosecution pushed for a jail term ranging from 12 to 15 months, highlighting several aggravating factors, such as the transnational nature of the money laundering and the substantial amounts involved.

“It is clear that the accused has engaged in an abuse of Singapore’s economic and social infrastructure,” said the prosecution.

The culpability of Su was further emphasized due to his resistance during arrest, as stated by the deputy public prosecutor.

According to court proceedings, on the day of Su’s arrest, the police were guided to his bedroom by his son after their arrival at the Ewart Park bungalow early in the morning.

They forcibly entered the locked room after Su failed to respond to their identification.

Su was subsequently discovered to have exited the room by leaping from the second-floor balcony of the master bedroom.

The prosecution highlighted that despite Su’s physical limitations from his injuries, he managed to navigate down a flight of stairs to leave the premises through a side gate and then concealed himself in a drain, where he was apprehended.

They argued that by refusing to cooperate and fleeing from his bedroom, Su knowingly resisted his lawful arrest.

Company registered under Su Haijin’s name found to lack legitimate business operations in Singapore

The two money laundering charges to which Su pleaded guilty were associated with funds held in DBS and UOB bank accounts under Yihao Cyber Technologies, a company of which Su was the director and sole shareholder.

Investigations revealed that the company, incorporated in January 2017,  had no legitimate business operations in Singapore and operated solely to receive letters at its Marina View office.

Additionally, the company’s declared revenue for the financial years 2019 to 2022 was fictitious.

Su colluded with Wang Junjie of LW Business Consultancy to fabricate inflated revenue and receivable figures, as well as forge false business agreements with third parties.

These fraudulent statements were submitted to DBS, OCBC, and UOB to open bank accounts under Yihao Cyber Technologies.

Wang, a resident of Singapore originally from Shanghai, was associated with 185 companies as a director, secretary, and shareholder. However, in January, his registration as a qualified individual was revoked by the Accounting and Corporate Regulatory Authority (Acra).

Local media uncovered that Wang holds secretarial positions in Yihao Cyber Technologies, Daily Glory International, and Aiqinhai Investment, three companies where Su Haijin was listed as a director.

Su was also a shareholder in Meining (Asia) International Electronic Commerce and Sg-Gree, firms where Wang was appointed as director.

Notably, Su Haijin is the younger sibling of another individual who was apprehended, namely Su Baolin.

S$2.4 million from overseas company involved in remote gambling

The court on Thursday heard that the OCBC account received approximately S$2.4 million in ten transactions from Marketrole Asia Pacific Services, an overseas company engaged in remote gambling activities targeting foreign nationals.

The prosecution argued that the funds received by Su were likely proceeds from these illegal remote gambling activities.

Su claimed that the funds in the account were earnings from providing IT or website development and maintenance services, but the prosecution contended that the business agreements supporting these claims were forged, and Su failed to provide evidence of rendering such services.

Following the closure of the OCBC account in January 2022, Su transferred S$1 million to Yihao Cyber Technologies’ DBS account, which held around S$438,947.20 when seized by the police in August of the same year.

Additionally, another S$999,920 was discovered in Yihao Cyber Technologies’ UOB account.

Given that these sums were likely derived from the S$2.4 million in the closed OCBC account, the prosecution argued that they represented Su’s gains from unlawful remote gambling activities.

In his mitigation plea, Su’s lawyer stated that the accused had agreed to surrender approximately S$165 million worth of assets, including S$91.2 million in real estate properties, cash, and bank account balances, along with the forfeiture of jewellery, gold bars, liquor, and toy figures Bearbricks.

Su’s defence counsel, Julian Tay of Lee & Lee, expressed his client’s genuine remorse by stating, “He’s not just paying lip service, he’s literally walking the talk… He put money where his mouth is.”

Tay highlighted that Su has relinquished more than what was specified in the money laundering charges.

As a result, he advocated for a jail term not exceeding 11 months for his client.

Third accused individual to plead guilty on 16 April

A third accused individual, Wang Baosen, besides Su Wenqiang and Su Haijin, has expressed his intention to plead guilty. He is scheduled to appear in court on 16 April.

The cases of the remaining seven accused are currently in the pre-trial conference stages.

All of them have been remanded as they were denied bail.

Additionally, the police are actively seeking two more suspects, Cambodian nationals Su Yongcan and Wang Huoqiang, who departed Singapore before the raids.

On 4 April, the Immigration and Checkpoints Authority (ICA) informed Singapore state media CNA that both Su Wenqiang and Su Haijin would face deportation following the completion of their jail terms.

ICA said: “Foreigners convicted of offences in Singapore will be deported after serving their sentences and barred from re-entering Singapore.

“The location of deportation is dependent on the admissibility of the foreigner based on his/her valid passport.”

Legal expert highlights potential release of Su Wenqiang by end of April or Early May with retroactive sentencing

Su Wenqiang acquired Cambodian nationality on 7 October 2019. Apart from holding a Cambodian passport, he also possesses passports from China and Vanuatu. Su Haijin holds a Cypriot passport.

All the accused, originally from Fujian, China, hold multiple passports from countries including Vanuatu, Saint Kitts and Nevis, Cyprus, Turkey, and Cambodia.

According to Associate Professor Mervyn Cheong of the National University of Singapore, as reported by the Straits Times, if Su’s sentence is retroactively dated to his arrest, he could potentially be released by the end of April or early May.

The Prisons Act stipulates that inmates typically receive a one-third remission unless they are involved in incidents such as committing offences like rioting while serving their sentence, he added.

Professor Cheong further explained that with the remission factored in, Su’s effective jail term would be approximately 8½ months.

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SU whose entity … Singapore U from left pocket to right pocket …
No meh?!?

Ah Tiong money washer got money to throw to your PAP, why you loser fucktard are even complaining. You fucktards cannot even afford your slum HDB let alone the long kang space infront of Ah Tiong GCB! If it was money your PAP wants, ah Tiong washer can ‘donate’ but if it was money the PAP wants from you local losers, you locals would cow peh cow bu! Do you realise how many local losers paying all sorts of taxes in one yr would be needed, just for PAP to collect $3 +BILLIONS???? With a change of name ,these Ah… Read more »

It’s indeed a profitable business arrangement.Wellcome in with ease so long as billions are brought in.However once got doing money laundering all moneys will be confiscated and become pure profits.Thereafter the culprit will be kick out after a short stay.

The SENTENCE CANNOT be overboard, ELSE how to fulfill Loong’s appetite to get MORE WEALTHY people here, to create police, judicial, investigation jobs, AND PUMP more Money?

Lawrence Wong just visited China & India lah. He is soon going to buy diapers for himself.
India already is Game Set Match.
China, Xi I think better play with Panda Bear.

Will Iswaran get a longer or shorter jail time?

Iswaran case iś gifts receipt right, no money to launder right?

Instead of jumping down and injuring himself. This Su Haijin should have popped the Champagne as the eventually sentencing is so light that makes the world’s criminals eyeing to set foot here with their loots

They will leave & engage A Lawyer to recover the amount forfeited.
Singapore needs to clearly write LAWs, pertaining to such Money Transfers.
We Are Not As Developed like even Australia, let alone UK or USA.
Meanwhile, MHA writes laws on arresting mental people. Hahaha.

I was thinking why don’t our government award him another $170m from our public funds and let him keep all the dirty money since the penalty is laughable, to the extreme, like an April Fool’s joke

Last edited 1 month ago by Singapore Fooled Again n Again

Maybe XJP made a deal with LHL..give them a short sentence in SG..
After they get deported , he’ll welcome them..who knows, round 2….( for making prc supreme leader lose face).
I heard on the news– to date its the biggest money laundering incident ever in the world??? .wow! PAP should add that in their record book of World’s first achievements of SG..🤣

Singapore is really inviting big time money launderers and fugitives, to come as long as have tonnes of cash, into here.

Because in the unlikely event getting caught, the penalty is very friendly to the accused. Otherwise many may be happily battles in and busy washing their dirty money and enjoying uber luxurious lives

There goes another one with a slap on the wrist. Might as well let him walk?

Another joke in this week…lol….from Sgov. Only 14-month jail for billion dollars money laundering.
Activated so many manpower and took so much time to arrest and then prosecute all these criminals, is only wayang to the world that Singapore has zero tolerance on money laundering. Might as well don’t catch them since many people are saying Singapore is becoming a criminal hub of the world.

Arrested 15 Aug 2023 Sentenced 5 Apr 2024 That is 235 days being in remand which is better than jail.. gets lots of visitors and in different type of jail. Sentence is 14 months That is 420 days Gets 1/3 remission ( no reason why not) which is 420 X 0.333 =140 days. 420-140= 280 days. He has been in remand for 235 days 280-235= 45 days which is 1.5 months and gets a free flight to Cambodia. All this, and still have acess to money that is yet disclosed or SIN unable get. No wonder scamming, cheating, loan sharking… Read more »

Looks very much to be the case civilian crimes penalties nowadays are so light as compared to those commuted by politicians not related to the regime. On any day, F and B can rake in $1000s of dollars takings. The fines imposed on hygiene flouts is about only few days of collections. Where is the sting, the deterrence? Tell me. That’s why one can read regularly no stoppages of food hygiene lapses.

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