8 firms in Singapore blacklisted, have assets frozen over links to 2 fugitives

Duo among those who evaded arrest in 2023 sting, went on UK property shopping spree while on the run

- Andrew Wong Correspondent

Su Binghai remains a shareholder in eight firms, including New Future Holdings, where he holds $2.5 million worth of shares. The company is linked to Hong Kong-based private equity firm New Future International. ST FILE PHOTO Su is also listed as a director of six companies which are all registered to a good class bungalow near Adam Food Centre where he previously lived.

(ST FILE PHOTO)

Eight companies in Singapore have been blacklisted and barred from business dealings over their links to two fugitives who allegedly played key roles in the $3 billion money laundering case.

In a reply to The Straits Times, the Singapore Police Force (SPF) and the Accounting and Corporate Regulatory Authority (ACRA) said regulatory or enforcement actions have been taken against companies owned by Su Binghai from September 2023, and those linked to Xu Haika from April 2024.

"As these eight companies have been blacklisted, and their assets have been frozen since regulatory or enforcement actions commenced against them, it is not possible for them to have any more business dealings or financial transactions in Singapore," said SPF and ACRA in a joint statement.

Su and Xu were among 17 suspects who evaded arrest during the police operation which saw 10 foreigners arrested on Aug 15, 2023, in the worst money laundering case in Singapore.