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Money laundering case: Company set up so wife of accused could get employment pass: CAD

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SINGAPORE (The Straits Times/Asia News Network): The company owned by the wife of one of the accused in the S$1.8 billion money laundering case was set up so that she could get an employment pass (EP) here.

This was revealed by Seah Li Hao, a Commercial Affairs Department officer, in an affidavit to support the prosecution’s application on Wednesday that no bail be granted to her husband, Wang Baosen.Assets worth more than $18 million have been seized or subjected to prohibition of disposal orders relating to his case. The orders mean they cannot be sold by the accused.

The officer said He Huifang owns Hui Xia Technology Investment, where she is the sole director and shareholder. The CAD officer said Wang is a high flight risk as his parents and brother live in China. Apart from his wife, Wang has no other direct family members in Singapore.Seah said according to Wang’s account, he has overseas sources of income, including one million yuan of profits earned from his family’s tea plantation business in China between 2019 and 2023.

Highlighting the two money laundering charges that Wang faces, Seah said the accused faces serious charges for offences for which there is early credible evidence. He Huifang’s name was among the 34 names, including those of the 10 accused, that the Ministry of Law had sent to dealers of precious metals and stones in an e-mail seen by ST on Aug 28.

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