Bedok resident behind 185 companies; nine are linked to billion-dollar money laundering bust

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The listing of a Singapore resident as director, secretary and shareholder of 185 companies here has sparked concerns, after it emerged that several of the firms were linked to three of the

Of the 185 companies that are still active, nine list Su Haijin, Su Baolin and Vang Shuiming, who is also known as Wang Shuiming, as director or shareholder.

“He got me to invest in his company. He asked me to take care of his company. But I have never taken a single cent or shares. When asked about his involvement with around 400 companies since 2014, JJ said: “So what if I’m involved in all these companies? I do secretarial work for companies and they are all legitimate. I’m not doing anything wrong.”JJ said that he was introduced to the individual by Su Haijin, whom he denied having any business connections with.

These individuals act as the secretary to many different companies, and they are in charge of ensuring the company’s annual returns are filed on time, among other responsibilities. “However, even nominee directors are still responsible for compliance and that increases the risk and cost of . Prof Hu suggested that the purpose of having multiple companies is to move money around, which makes it difficult for regulators to trace the source of funds.

 

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Bedok resident behind 185 companies; nine are linked to billion-dollar money laundering bustExperts say it is not possible for an individual to be involved in so many companies. Read more at straitstimes.com.
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