Vang Shuiming sentenced to 13 months, 6 weeks in S$3B money laundering case

SINGAPORE: Vang Shuiming (王水明), a central figure in Singapore’s landmark S$3 billion money laundering case, was sentenced on Tuesday (14 May), to 13 months and six weeks in jail for charges related to money laundering and forgery.

The Turkish national who was originally from Fujian, China, pleaded guilty to three charges of money laundering and forgery, with nineteen additional charges taken into consideration during sentencing.

As part of the sentencing, Vang agreed to forfeit approximately S$180 million of the S$199 million worth of assets, cash, vehicles, properties, and luxury items seized by the police.

This marks the highest forfeiture amount by an accused individual in this case to date.

Vang becomes the sixth accused to plead guilty in this case, following  Su Wenqiang, Su Haijin, Wang Baosen, Su Baolin, and Zhang Ruijin, all of whom received jail sentences ranging from 13 to 15 months for their involvement in money laundering activities.

Five others convicted in the case forfeited assets ranging from $5.9 million to $165 million.

Vang has been in remand for almost nine months since his arrest at a prestigious residence near Orchard Road on 15 August last year.

With one-third remission, he could be released from jail by early June.

In March, Vang, also known as Wang Shuiming, 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 confesses to using falsified records to transfer funds from China to Singapore, Sourced from gambling winnings and real estate investments in Philippines

During Tuesday’s court proceedings, Deputy Public Prosecutor David Koh disclosed that in 2021, Vang orchestrated the transfer of HK$299 million (approximately US$38.2 million) from Indonesia to his Citibank Singapore account.

Upon inquiry from Citibank regarding the origin of the remittance, Vang, through former Citibank employee Wang Qiming, submitted documents asserting that the funds originated solely from his own resources.

Queries from UOB Kay Hian and Swiss bank Bank Julius Baer & Co regarding the source of his wealth prompted Vang to claim that his finances stemmed from three Chinese companies, supported by financial statements purportedly from these entities.

However, DPP Koh revealed that all these financial documents were fabricated.

Eventually, Vang confessed to law enforcement authorities that he had utilized falsified records to transfer funds from China to Singapore, attributing the funds to gambling winnings and real estate investments in the Philippines.

The prosecution sought a total of 14 to 16 months’ imprisonment, while Vang’s defence lawyer, Wendell Wong, requested 13 months.

Mr Wong conveyed his client’s profound remorse, expressing a desire for Vang to apologize to both the court and the Singapore Government.

He emphasized that Vang had no intention of causing harm to Singapore, its citizens, or anyone within its borders.

“Mr Vang’s hope is that in agreeing to forfeit (the) $180 million, it will go to some measure to restore any actual or perceived harm the justice system may feel he has committed.”

He also noted that Vang relocated his entire family to Singapore in 2019, including his three children and elderly parents.

District Judge Sharmila Sripathy-Shanaz remarked that Vang’s offences demonstrated a deliberate and sustained effort to fraudulently legitimize funds and evade scrutiny.

“I find myself unable to accept the defence’s curious and ultimately strained characterisation of Mr Vang as an individual who had not intended to cause any trouble in Singapore.”

Judge Sharmila acknowledged Vang’s decision to surrender his assets as a sign of remorse, giving considerable weight to this aspect in determining the sentence.

“Richest” among the ten accused

Vang also holds passports from China and Vanuatu.

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.

In a stark display of rapid wealth accumulation, Vang Shuiming emerges as a standout among the ten individuals embroiled in the S$3 billion money laundering scandal.

Despite a relatively short residency of just four years, Vang and his spouse have amassed an astounding fortune, boasting a portfolio that includes 15 properties and three luxury vehicles valued at over S$200 million.

Their opulent lifestyle extends to private jet travel for Vang’s parents, adding an extra layer of extravagance to their story.

Additionally, Vang holds assets exceeding S$35.5 million overseas.

According to a statement issued by the Rainbow Centre, three accused in the 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.

Sixth convicted in S$3 billion money laundering case

After Vang’s conviction, Chen Qingyuan is expected to plead guilty on 23 May, while the remaining three—Lin Baoying, Wang Dehai, and Su Jianfeng—are still in remand.

Su Wenqiang and Wang Baoshen were deported to Cambodia by the Immigration and Checkpoints Authority on 6 May and are prohibited from re-entering Singapore.

The accused individuals had amassed substantial wealth, not only investing in existing companies but also founding their ventures, fostering diverse networks within the country.

It was revealed that some of the accused in the case, are wanted by Chinese authorities for their involvement in various unlawful activities, such as illegal gambling or fraud.

A comparison with Chinese media reports suggests that Chinese authorities have sought some of these suspects for their alleged involvement in criminal activities dating back to 2015.

In 2015,  the Guiyang County Public Security Bureau discovered that Su Jianfeng, along with other individuals, Wang Dehai, Su Wenqiang, Wang Huoqiang, and Su Yongcan were suspects of a major crime, and they were fugitives at that time.