Vang Shuiming agreed to forfeit $180 million in seized assets.
Vang Shuiming was sentenced to 13 months and six weeks’ jail after pleading guilty to two counts of money laundering and one count of submitting a forged document to a bank.
Other items include eight watches worth $17.4 million in total, from brands such as Patek Philippe, Richard Mille, Franck Muller and Chopard, and a Kawai crystal grand piano worth $240,000. UOB Kay Hian and Swiss bank Bank Julius Baer & Co, whom Vang had accounts with, also queried him on his source of wealth.
After his arrest, Vang told the police that the source of his funds was his loan business in China – a claim he maintained in 18 statements. Mr Wong said his client felt a profound sense of remorse and wanted to apologise to the court and to the Singapore Government. Said the judge: “I find myself unable to accept the defence’s curious and ultimately strained characterisation of Mr Vang as an individual who had not intended to cause any trouble in Singapore.”
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