Bloomberg| SG must now decide what to do with a fortune in forfeited assets from its biggest laundering scandal

[Franjipani]

In a Singapore courtroom on Friday, the last of those arrested for their involvement in the island nation’s biggest laundering case pleaded guilty, paving the way for the next steps in the S$3 billion ($2.2 billion) scandal.

The city-state must now decide what to do with a fortune in forfeited assets, from luxury properties to collectible ornamental bears and branded handbags. There’s also several hundred million dollars of local and foreign currencies in accounts at some of the world’s top wealth managers. Credit Suisse — now owned by UBS Group AG, and Citigroup Inc. held the largest amounts on deposit so far for the convicted, according to court filings reviewed by Bloomberg. Others with significant exposure include the country’s three largest banks — DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd.

https://www.bloomberg.com/news/arti...al-what-s-next-for-2-billion-of-seized-assets

 

[Franjipani]

Convert them into CDC vouchers to buy votes for PAP?

 

[syed putra]

Reduce taxes on petrol can be worthwhile until S$3 bil limits is reached.

 

[Franjipani]

Reduce taxes on petrol can be worthwhile until S$3 bil limits is reached.

that only benefit car owners. not fair!

 

[batman1]

I say : distribute to all singaporeans.

 

[Patriotmissile]

Over the years, SGX has caused multitude of investors investment losses due to its incompetence. Compensate.

 

[congo9]

China will be asking for it !

 

[cocobobo]

Prop up Temasek losses

 

[JurongEast]

Give them to China, considering this as a form of protection money

 

[JurongEast]

中国人民基金

 

[congo9]

I don't think we can grab any evidence without the help from China.
Some money or most money must be given back to China.

All these people have very light sentences.

 

[JurongEast]

I don't think we can grab any evidence without the help from China.
Some money or most money must be given back to China.

All these people have very light sentences.

True. China needs more money now to complete their one belt one road projects

 

[Sustanon]

decide simi? Just transfer all to me via PayNow and fuck off.

 

[A Singaporean]

Use to increase salaries of ministers.

 

[rushifa666]

Bloomberg monkeys have no idea how good jinx is at losing money do they? Won't even cover chjna losses

 

[batman1]

We resolved that the forfeited money be distributed as dividends to all singaporeans. Do not use the forfeited money as reserve for ministers' salaries.