$3b money laundering case: 6th man gets jail and forfeits $180m, highest amount of assets seized
The accused in Singapore’s $3 billion money laundering case who faced the most number of charges has also forfeited the most amount of assets seized to the state.
Vang Shuiming, 43, was sentenced to 13 months and six weeks’ jail after pleading guilty on May 14 to two counts of money laundering and one count of submitting a forged document to a bank.
Nineteen other charges were taken into consideration during sentencing.
Vang agreed to forfeit about $180 million of the more than $199 million worth of assets, cash, vehicles, properties and luxury items belonging to him and his wife which were seized by the police.
This is the highest amount forfeited by an accused person in this case, so far.
Five others convicted had forfeited between $5.9 million and $165 million in assets.
Vang forfeited about $122 million in bank, portfolio and wealth accounts, 15 properties worth $29.6 million in total, and three luxury cars – a Rolls-Royce Phantom, a Toyota Alphard and a Bentley Flying Spur – worth $3.38 million in all.