Vang Shuiming surrendered about 90 per cent of the assets seized from him, including apartments in Clarke Quay and Beach Road.
Vang Shuiming faced a total of 22 charges in Singapore's multi billion-dollar money laundering case . Vang Shuiming, 43, faced a total of 22 charges. He pleaded guilty to three of them, and the remainder were considered for sentencing.
These included 10 apartments in Clarke Quay and one at Tomlinson Road that are under construction, and four apartments in the Beach Road area. The funds were suspected of being benefits of criminal conduct, and Vang was unable to satisfactorily account for how he came by the money. This became the subject of four of his charges.
But on Sep 26, 2023, he admitted this was untrue. He then claimed that the money came from"his gambling winnings and profits from real estate investments in the Philippines".The bulk of Vang's charges – 18 of them – were for submitting documents that he had reason to believe were forged to multiple banks in Singapore.
When Citibank's compliance department asked for more documents to verify these claims, Vang provided a purported bank statement from a China Merchant Bank account in his name, showing transfers from"Chen Ze Long". Billion-dollar money laundering case: 14 months' jail for man who possessed car, S$777,000 from criminal proceeds
In mitigation, defence lawyer Wendell Wong said that Vang's early plea of guilt and voluntary forfeiture indicated his remorse, and also saved the state time and resources.
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