Singapore employees dissociate themselves from companies linked to $2.8b money laundering case

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SINGAPORE — A number of Singaporeans who helped set up firms for individuals linked to the $2.8 billion money laundering case have started removing their names from the companies, amid an investigation by the Accounting and Corporate Regulatory Authority (Acra).

They were previously listed as directors, secretaries or shareholders of companies set up by several of the foreigners nabbed in the Aug 15 anti-money laundering blitz.The Singaporeans were also listed in firms incorporated by associates of those arrested, including the wives of some of the accused.

Corporate service provider Grof, formerly named Sprout, said it commenced termination of services with several companies on Aug 24. The exercise was completed by early September. "When The Straits Times published the names of the associates, we used it in collaboration with our internal checks, which was very helpful," said Lim.

In court last Wednesday, prosecutors said one of the 10 accused, Su Jianfeng, had registered a firm which they alleged was a shell company. The firm, An Xing Technology, was purportedly an IT management consultancy business. Chin, who is also a Singaporean, is also listed as either a director or shareholder of companies set up by Su Caihuang — the wife of accused Wang Dehai — and Wang Qiujiao, whose registered address is a condo unit at New Futura, the same unit which Chen Qingyuan bought in 2018.

Chin, who said she terminated her roles in the companies in late 2022, is currently working in an administrative role at a catering company. Business records show she is still a director in three companies in Singapore.

 

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