Money laundering case: Accused linked to London buildings bought for S$73mil

One of the two buildings in London that were sold together for more than S$73m to New Yihao, a company that lists Su Haijin as shareholder. - SCREENGRAB FROM GOOGLE MAPS, WECHAT

SINGAPORE (The Straits Times/Asia News Network): A company partly owned by Su Haijin, one of the 10 accused in the billion-dollar money laundering case here, paid more than S$73 million for two buildings in London, checks by The Straits Times showed.

The buildings at 283 Oxford Street and 11 Princes Street, which back into each other, were sold for £43.3 million (S$73.5m) on Dec 17, 2021 to New Yihao, according to property records in Britain.

A Foot Locker store is currently located at the building in Oxford Street, Europe’s busiest shopping street.

New Yihao was registered in tax-haven Jersey, an island country near the coast of north-west France. The company was set up just two months before the purchases.

It lists Su as a beneficial owner, with more than 25 per cent stake in a trust that controls the company. Another entity, Fiduchi Trustees Limited, also has more than 25 per cent stake in New Yihao.

Su’s link to the sale of the properties was first reported on Wednesday by American media company Radio Free Asia and investigative reporting platform Organised Crime and Corruption Reporting Project.

The 40-year-old, a Cypriot national who was born in China, faces one charge of money laundering and another for resisting arrest in Singapore. He allegedly has over $4 million in a UOB bank account, said to be benefits from unlawful remote gambling offences.

The authorities have seized more than $170 million in assets from Su and his wife.

His ownership of a property in Oxford Street, London, was mentioned in court on Wednesday, at a hearing where he was denied bail.

According to an affidavit filed by the police, Su had admitted to having 10 properties abroad worth more than $14.2 million. Aside from the London property, he said he owned a condo in Cambodia, three condos in Cyprus, and five condos in Macau.

Meanwhile, his wife and four children are believed to be moving out of the good class bungalow in Bukit Timah that they were renting and relocating to Gramercy Park, a condominium in the Orchard Road area.

Business records of Su show his registered address is a unit at the condo.

Radio Free Asia reported that another accused in the money laundering case, Lin Baoying, had purchased a penthouse apartment in a 65-storey luxury residential skyscraper in Canary Wharf, London’s premier financial district, for £1.78 million.

Lin allegedly purchased the unit in December 2021.

The 43-year-old Chinese national is facing two forgery charges and a charge of perverting the course of justice in Singapore.

The authorities here have seized assets belonging to Lin worth around $200 million – one of the highest amounts among the 10 accused in the case.

Separately, Radio Free Asia reported that New Yihao was set up by the Fiduchi Group, which lists luxury yacht-broker Imperial Yachts and its owner, Evgeniy Kochman, as clients.

Imperial Yachts and Kochman, a Russian national, were sanctioned in 2022 by the United States Treasury for assisting Russian oligarchs to “hide, move and maintain their wealth and luxury assets”.