Serious Shanmugam v. Bloomberg Defamation Case: Bloomberg winning!

[Papsmearer]

i opened one in sg as a foreigner and it has to go thru’ 3 layers of managerial and executive level signatures ok. i know my shit as i had to sit thru’ hours in the private banking office of a major bank in sg. it’s a luxury floor dedicated for 6.9-figure banking with concierge, beverage, high end snacks, private lounge services. all deposits must have documentation, proof of source, and how the money is obtained. one high class tiongbu with branded bag and high fashion walked up to concierge with a suitcase of cash to set up a trust account was politely asked to fuck off after she could not produce supporting documents. in this case, i doubt mas will let matter go if ubs or any bank in receipt of funds is non-compliant.

You went to the wrong bank. LOL. Nominee accounts are the easiest to open. Much easier then an actual trust. My guess is u did not use DBS or UBS. Plus , you opened the account as a foreigner. If u got at least PR or shitizenship first, it's alot easier. Remember the Tiongs with $4 billion money laundering back in 2023 known as the Fujian Gang, made extensive use of nominee accounts. Some of those clowns were not even shitizens, If u talk to any of them, I am sure they will tell u it's easy to open such an account. U think they had supporting documents for $4 billion? LOL. U just ass luck.

 

[Papsmearer]

when you get a mortgage, the seller will get cashier’s check from the bank. ???

The seller has no dealings with the bank. He will go to his lawyer's office to pick up the cheque and sign any remaining paperwork. U never sell a house before?

 

[Dongyi]

Your last para is not accurate as far as I know. 1) ABSD is paid by the owner of the property, in this case the UBS Nominee Account. UBS holds the property in their name on behalf of the beneficiary. Therefore, UBS pays the ABSD and hence the beneficiary is still unknown. 2) MAS has no access to account holder and beneficiary's details unless they specifically file a formal request for it. As long as UBS says their AML vetted the funds and therefore did not have to report STRO because it was clean, there is usually no reason for MAS to check. In any case, the co-ordinating agency to do all this is CPIB or CAD, where they will put together all the various agencies information. In fact, MAS can easily ask for the account number of the Nominee account and then see which account $88 million flowed from. That will determine who is the beneficial owner. But all this is moot. The bosses of these agencies are not independent and no one wants to fuck with the most vindictive minister.

 

[Papsmearer]

View attachment 239945

Ok noted. I seem to recall ABSD is collected from the beneficiary and remitted by the nominee. If the beneficial owner is a corporate entity, ABSD is still paid by the corporation, leaving the real buyers unknown.

 

[eatshitndie]

when you get a mortgage, the seller will get cashier’s check from the bank. ???

you can issue a cashier’s check for deposit on the purchase. for larger amounts it’s usually wire transfer or electronic transfer.

 

[Dongyi]

According to Edwin Tong, SLA will know the identity of the beneficial owner under the trust, but the information will not be made public:

 

[Dongyi]

According to Edwin Tong, SLA will know the identity of the beneficial owner under the trust, but the information will not be made public:

View attachment 239953

However, it's only for landed residential property.

This is why the famous $3 billion money laundering by the Tiongs involved only condominiums which does not require beneficial owners to be made known to SLA.

 

[aerobwala]

1. Stamp duty certificate that one page of PDF file from IRAS would print the name of registered owner, not the beneficial owner;
2. STR report lodged with SPF, need to indicate suspected types of statutory offence committed, guess take charge by CAD of SPF not MAS.

 

[Dongyi]

1. Stamp duty certificate that one page of PDF file from IRAS would print the name of registered owner, not the beneficial owner;
2. STR report lodged with SPF, need to indicate suspected types of statutory offence committed, guess take charge by CAD of SPF not MAS.

At the time of paying, no need. Applying for refund, you need.

 

[Hightech88]

So in the end, Shan still wins and do no wrong under the law.

 

[Dongyi]

So in the end, Shan still wins and do no wrong under the law.

No prize for the right answer

 

[mojito]

Not bridery. Just good luck. How I know I bought a winning tickit in a lottery? Do not jelly.

 

[k1976]

chen zhi?

Orange juice?

 

[jsctan]

Only idiots believe that Shan does not know who is the buyer. Remember, this is the same Kekling that lied straight face to one of his closest friends Lee Wei Ling, and contradicted her in the Oxley saga. The buyer is likely some one so unpalatable to the public (eg OBS) and it was Shan probably told him to put it under a nominee account. If this $88 million price was truly reflective of the market for his GCB, then no worries, he should have declined this offer and sell it to someone who is willing to disclose his identity. Another buyer will come along if this is really the market price for his GCB. But if the price is so outrageously over the market, that he knows he will not see this price again in his lifetime, then he will lan lan agree to the sale even if it's to a total secret buyer. but then what is the motivation of the buyer to pay so much above market for his GCB? The only GCBs I have seen for sale at this price or higher were ones that had development potential into high rise luxury condos, and his does not.

Jialat. I really gave him the benefit of the doubt. He got to tell the truth since under oath.

 

[jsctan]

Put yourself in the position of UBS. Someone comes into your office to open a Nominee Trust account. Obviously a very high net worth individual. The individual gives you his personal information to open the account, he is required to do this. U ask him what is the purpose and goals of the Nominee account. He tells u he wants to open the account for the sole purpose of purchasing a GCB property. U ask him, how much is this GCB. He tells u $88 million. Later, he comes back with the sales agreement, and tells you he is wiring funds into the account for this legitimate purchase of a GCB. U look at the sales contract. It's got Shan's name on it. U escalate to your senior VP. Now exactly how hard will you, your Senior VP, and your money laundering department look into this transaction? Will u ask buyer(your own client) to prove source of funds? Would you ask buyer for how long these funds were at his disposal? Will u ask buyer for 5 years of income statements and net worth statements? Because if the buyer fails any of these steps, the money has to be reported to STRO and so exactly how tightly will u enforce this AML in your own bank? even if the buyer is a drug lord from Thailand, and brings in 20 suitcases full of cash to your office to deposit it to his Nominee account, the minute you flag it to STRO, they will freeze the money and the transaction is dead. Within the hour, u will have a personal call from Shan's listing agent to ask whether you and your boss want to explain to the Minister of Law why u flag this transaction, so he cannot sell his GCB for $88 million. Is this a call u and your boss want to take? This is the man that POFMA people left right and centre. The most vindictive Minister out there.

Now u ask your question again. Is this really a failure of the regulatory authorities or just self preservation?

 

[KingFook Sr]

Shanmugam admitted in court that he is unaware of the ultimate owner of his GCB. This means that in spite of the $88 million sale being facilitated through UBS Trustees for The Jasmine Villa Settlement, the Minister who oversees Law and Home Affairs is unable to identify the individual purchaser. This is sensitive and even embarrassing since the very official responsible for S'pore’s anti-money laundering framework sold a high-value asset via a trust structure without knowing the identity of the new owner.

Hey. Money involved leh.

 

[Insouciant]

PAP people cannot handle any public comment not in their favour. Then use all sorts of bullying methods to whack people to say they are good party and leaders. Very sad for Singapore.

 

[True Believer]

Hey. Money involved leh.

Money is always involved in money laundering.

 

[jsctan]

So in the end, Shan still wins and do no wrong under the law.

We can still do this. lol

https://www.change.org/p/petition-d...kkDuDX5MiHo6EYEFTI_aem_PO71KhiRjYcgnnrgJwSJOg

 

[True Believer]

PAP people cannot handle any public comment not in their favour. Then use all sorts of bullying methods to whack people to say they are good party and leaders. Very sad for Singapore.

PAP leaders know that their model of govt is legalised corruption so the opposition cannot win the GE, or 61 years of skeletons will fall out of the cupboard.