SINGAPORE: Luxury items such as branded handbags, watches and jewellery seized by authorities in Singapore in the landmark S$3 billion dollar money laundering case will be sold through a series of timed, online-only auctions.
More than 80 properties tied to the probe will also be progressively put up for auction, professional services firm Deloitte said in a Aug 29 statement.
A spokesperson for Deloitte told The Straits Times that two auctions – one for jewellery and a separate one for handbags – will be held on Sept 7 as part of the first phase of the sales process.
“Apart from auctions, certain assets may also be realised through alternative sale methods such as limited tender, expression of interest or direct selling,” said Justin Lim, performance improvement and restructuring partner at Deloitte.
A series of 15 such auctions for the smaller assets has been planned by Hotlotz, a local auction house that sold a silver Montblanc fountain pen owned by founding prime minister Lee Kuan Yew for $461,500 on Aug 16.
Hotlotz said the 15 auctions are slated to run between September 2026 and May 2027. More than 1,000 items are expected to be listed for auction.
The first two auctions in the series will open for online bidding on Sept 7 at 10am in Singapore, and close at 4pm on Sept 20.
The auctions will be made open to global participants.
Those interested in participating have to register for each auction online, which will include mandatory steps for identity verification.
The auction house said digital catalogues for the items being listed in the first two auctions will be published on its website at 10am on Sept 7.
Those who want to view the items on auction physically will need to register for the sale and book a viewing slot on Hotlotz’s digital platform. The viewings are expected to take place by appointment at Le Freeport, a private maximum-security vault in Changi.
Hotlotz said the first sales will include more than 300 luxury handbags and accessories by brands including Chanel, Louis Vuitton and Christian Dior.
More than 250 pieces of fine jewellery from brands including Graff, Bulgari and Van Cleef & Arpels will also be listed.
The subsequent tranches of auctions in the series will include handbags by Hermes and luxury timepieces from watchmakers including Patek Philippe, Richard Mille and Rolex.
That next tranche of auctions is expected to be held sometime in November 2026, a spokesperson for Hotlotz told ST.
“Every item we offer is professionally catalogued and widely promoted, ensuring fair market value is achieved through our transparent and accessible public auctions.
“We are committed to executing these sales with the utmost integrity,” said Hotlotz chief executive Matthew Elton.
The real estate tied to the money laundering network will be handled by realtors SRI, Edmund Tie & Company (SEA) and Knight Frank, said Deloitte.
“Outside of the auction process, certain selected properties will be offered for sale by List International Realty via an expression of interest process.
“Members of the public are advised to participate only through auctions or sales processes conducted by, or officially linked to, these appointed agencies,” said Deloitte.
The sale of the seized luxury items is part of Deloitte’s strategy to liquidate the assets. All proceeds from the sale of the assets will be paid into the Consolidated Fund.
A police spokesperson told ST that some $1.4 billion comprising of cash held in seized bank accounts and other liquidated proceeds have already been paid into the Consolidated Fund as of the close of the 2025 financial year.
In total, the police seized or took control of around $1.25 billion in non-cash assets – including cars, properties, art, watches, jewellery, gold bars, handbags and bottles of alcohol – during its probe into the nation’s largest money laundering case.
The items were progressively seized after an initial islandwide raid on Aug 15, 2023 led to the arrest of 10 foreigners, all of whom have since been convicted and deported from Singapore.
ST had reported in January 2024 that the Government confiscated 207 properties, 77 vehicles, more than $1.45 billion in bank accounts and more than $76 million in cash of various currencies.
Alongside these assets, thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery were also seized. - The Straits Times/ANN
