Public May Get To Bid For Assets Seized In $3b Money Laundering Case

Items such as luxury cars, watches may be auctioned off or sold to a private buyer

- Andrew Wong

Non-cash assets seized from 27 individuals linked to Singapore's largest money laundering case may be sold at auctions that the public can attend, experts say.

However, these events are usually not advertised with specifics, including details of the items and their history.

The assets, which include luxury cars and watches, could also be sold to a private buyer.

The police announced on Aug 12 that they are progressively handing over to Deloitte the remaining assets seized in the bust.

The private services firm will have to submit proposals in relation to the sale of the assets, which can proceed only with the government's approval, a police spokesperson told The Straits Times.

The case, which saw police arrest 10 foreigners on Aug 15, 2023, resulted in around $1.25 billion in non-cash assets—including cars, properties, jewellery and watches—being seized over the course of the investigations.

Home Affairs Minister K. Shanmugam said earlier that 54 properties, 33 vehicles and 11 country club memberships had already been liquidated by the end of December 2024.

In all, police incurred some $2.65 million in the 2023 and 2024 financial years to maintain and manage the assets.

ST speaks to experts to find out what some of the items are, and how they will be liquidated.

Q How will the items be liquidated?

A Mr John Lim, managing director of LIMN Law, said the fact that the non-cash assets have been handed over to be liquidated means no claims were made on the seized property, which would have otherwise been under a disposal inquiry.

In a disposal inquiry, a court hearing is held to determine how the assets will be disposed of. The assets cannot be liquidated until a conclusion is reached.