Vang Shuiming, accused in S$3B money laundering case, to plead guilty on 14 May

SINGAPORE: Vang Shuiming (王水明), a central figure in Singapore’s landmark S$3 billion money laundering case, is expected to plead guilty on 14 May, as revealed by court records on Thursday (25 April).

This makes him the sixth accused to indicate a guilty plea in the case.

Vang, also known as Wang Shuiming, faces a total of 22 charges related to fraud, forgery and money laundering. He is represented by Wendell Wong of Drew & Napier.

In March, he was handed six charges for 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.

Previously, he was accused of 11 charges for the submission of falsified financial statements from 2015 to 2021 from the same two companies, along with an additional charge involving Xiamen Mingxin Guarantee, submitted to the brokerage firm UOB Kay Hian.

The remaining five charges span from allegedly possessing S$2.4 million in illicit gains from unlicensed money lending activities in China to submitting a forged bank statement to Citibank Singapore.

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.

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.

Vang’s brother on the run

Previous court proceedings revealed that cryptocurrency exceeding S$3.8 million was withdrawn from Vang’s Binance account on 17 August 2023, while he was in custody.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.