SINGAPORE – The suspect with the highest number of charges in Singapore's multibillion-dollar money laundering crackdown was sentenced to 13 months and six weeks' jail on Tuesday (May 14).
Billion-dollar money laundering case: Sixth suspect jailed, forfeits largest sum yet of S$180 million
He also voluntarily forfeited about S$180 million in assets to the state. This is the largest amount that any accused person in the money laundering case has forfeited so far. Vang is the sixth of 10 suspects to be dealt with in this case. Five individuals pleaded guilty before him and were sentenced to between 13 and 15 months in jail.
When dealing with banks, Vang said the funds were his shareholder profits from two purported e-commerce companies – Xiamen Likanghang Trading and Xiamen Yetian Trading. Citibank asked Vang about the source of the funds and his relationship with the remittance agent, since he was not a resident of Indonesia.
But in the course of investigations after his arrest, Vang admitted that he did not have any China Merchant Bank account and the statement was a forgery. 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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