The Decline of the Singapore Dream

[k1976]

Singapore ties to multi-billion dollar scam case in spotlight​

Low De Wei and David Ramli / Bloomberg Published on Thu, Oct 16, 2025 / 04:14 PM GMT+08 / Updated 2 hours ago

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The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek Holdings and spending millions on properties in the city-state.

Chen Zhi, the chairman of Prince Holding Group, heads what US prosecutors say is one of the largest transnational criminal organisations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.

The operation allegedly used forced labour in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering”. Now the case is prompting authorities and firms in Singapore to review the group’s financial ties to the business hub.

Chen and key associate Chen Xiuling were involved in the setting up of single family office DW Capital Holdings in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.

 

[Sinkiesuk]

Even now being ah Tiong is much better lol. Last time all laugh at ah tiongs.

 

[mojito]

Singapore dream is a life and well, just... not for u though. Teehee!

 

[k1976]

Singapore dream is a life and well, just... not for u though. Teehee!

True…USD2m to retire in Hardland Pigeon hole…is really not for moi

 

[k1976]

"We Feel Well Served": The Decline of the Singapore Dream Under PAP’s Rent-First Model

A white expatriate recently told me he admired the PAP government.

“They generally solve problems quickly. The infrastructure is excellent. My family lives well here — we get good pay, enjoy the lifestyle, and it’s a safe environment for our kids to grow up before we eventually return home. Honestly, I don’t get why Singaporeans complain.”

To him, Singapore works perfectly.

But the unspoken truth is this: Singapore works well for people like him because it runs on the backs of ordinary citizens like us.

More at https://urlr.me/YNyv3H

Just less than 1 week ago​

K Shanmugam defends population rise to 6.11 million, says Singapore would collapse without foreign workers​

Home Affairs and National Security Minister K Shanmugam said Singapore’s population increase to 6.11 million stems mainly from foreign workers, who are essential to economic growth. Speaking at the Asia Future Summit on 9 Oct, he said Singapore would “collapse without them”, while noting the citizen and PR numbers have remained stable.

Published


on

10 October 2025
By

The Online Citizen

Home Affairs and Coordinating Minister for National Security K Shanmugam has said Singapore’s population increase to 6.11 million in June 2025 is largely driven by foreign workers.

He stressed that these workers are vital to sustaining the country’s economic growth.

 

[shulingla]

Told you clowns to migrate or at least start making plans for your children, but you refuse to heed. Now it's too late.

There is another advise that I keep telling you people, still you refuse.

What?

 

[k1976]

Maybe “Demise” is a more fitting word

 

[k1976]

Sg Dream is fast becoming Sinki Dante Nightmare as everybody need to work beyond leetirement to pay for basic necessities

 

[birdie69]

Even now being ah Tiong is much better lol. Last time all laugh at ah tiongs.

The best is to become Malaysia citizen now, low cost of living

 

[eatshitndie]

the (not too) new 5c’s of sinkies:

cardboard collection

cai png

cdc vouchers

changi jewel jump off

cycling