Singapore Companies Expel Top Executives Involved in Multi-Billion Money Laundering Scandal

December 26, 2023

Following a massive money laundering scandal in Singapore, many companies from the construction, IT, and Finance sectors are taking drastic measures. These organizations are removing people linked to a group of 10 foreign individuals exposed in the money laundering investigation.

Singapore police, in August 2023, arrested 10 foreign individuals aged 31-44 and seized assets valued at approximately $2 billion. Arrested individuals originally belong to Fujian, an eastern province in China, and carry passports from Turkey, Cyprus, Cambodia, and Vanuatu. Furthermore, the police conducted raids at the suspect’s residences and confiscated high-end possessions.

It appears that amidst tightening regulatory scrutiny followed by the Singapore money laundering scandal, businesses are taking steps to distance themselves from the accused. The companies are expelling not only the accused individuals but also people having direct associations with them.

The directors and shareholders from the companies including air-conditioning firm SG Gree, investment holding company Golden WHH, vending machine company Hirohisa Vending, and toy retailer Pinkee, have been expelled from their positions, as reported by Strait Times.

SG Gree Firm  Removes Executives Amid Money Laundering Probe

Among the expelled include Su Baolin, a Cambodian national, director, and shareholder at air-conditioning company SG Gree, and Su Haijin, a Cypriot national, shareholder in the same company. The two men were expelled from their positions on 26 September following the money laundering investigation.

Su Baolin, aged 42, was accessed of two charges, one for allegedly using forged documents to claim as the executive director of an import-export firm, and the second for allegedly working with a former Citibank employee to create false documents to deceive Standard Chartered Bank. While Su Haijan, aged 40, faced charges of evading arrest and holding funds derived from criminal offenses.

On 27 August, the Ministry of Law sent a list to precious metal and stones dealers cautioning them about the business dealings or transactions which could be potentially involved in money laundering and helping them to recognize if there are legitimate reasons to suspect criminal behavior.  The accused individuals included their wives highlighting how it impacts families and personal networks.

With the charges ranging from creating false documents to money laundering, the financial system of Singapore is being challenged. The ongoing circumstances reveal how businesses and individuals are interlinked in unlawful financial activities, leading to a review of rules that protect against future illegal activities.

Also read: Singapore Money Laundering Scandal- Total Assets Seized Reach $1.76 bn