SINGAPORE (Bloomberg): A series of properties held by entities linked to suspects in a more than S$3 billion (US$2.2 billion - RM10.5 billion) money-laundering case in Singapore have been placed for sale, Business Times reported.
Eight shophouses have surfaced on the market, three of which are now being advertised for S$61.1 million, the report said.
The trio of properties, located at Stanley Street in Chinatown, were purchased by a Chinese businessman with links to Wang Dehai - one of the ten accused who are currently in remand in Singapore, the report said.
The scandal and its developments have shocked the orderly nation, triggering a review of the policies that may have been exploited to allow so much money to allegedly be laundered for so long at some of the world’s biggest banks.
The Stanley Street properties are owned by Aalto Group, a holding company which counts Su Fuxiang, who police have identified as a person of interest, as sole director, according to the news report.
Knight Frank is marketing the shophouses on behalf of a receiver which had been appointed for Aalto Group, the report said.
Another five neighboring shophouse units, said to be valued at about S$45 million, were put up for sale in December, according to Business Times, citing a report in Chinese-language daily Lianhe Zaobao.
-- ©2024 Bloomberg L.P.
