$3B MONEY LAUNDERING CASE: FIFTH MAN GETS 15 MONTHS' JAIL, SURRENDERS $118 M IN ASSETS TO STATE - SINGAPORE

$3B MONEY LAUNDERING CASE: FIFTH MAN GETS 15 MONTHS' JAIL, SURRENDERS $118 M IN ASSETS TO STATE - SINGAPORE

@Jackie San

SINGAPORE – Zhang Ruijin, an accused in the $3 billion money laundering case who told the court to put his lover in remand after their arrest, has been sentenced to 15 months’ jail.

This is the highest jail term meted out in the case so far. With a one-third remission, he is likely to be out of prison by June.

The 45-year-old Chinese national, who also holds a passport issued by Saint Kitts and Nevis, is the fifth person to plead guilty in the case.

Zhang has agreed to forfeit about $118 million, or around 90 per cent, of his assets to the state, said his lawyer Eugene Thuraisingam.

Deputy Public Prosecutor Ryan Lim said $131 million worth of assets, cash, vehicles and cryptocurrency in the names of Zhang and his mother have been seized by the authorities.

Zhang laundered a total of $36 million, the highest sum among the five people convicted in the case so far.

On April 30, he admitted to one money laundering charge and two forgery charges.

Five other charges were taken into consideration during sentencing.

Zhang has been in remand for over eight months since he and his lover, Lin Baoying, were arrested on Aug 15, 2023, in a bungalow on Pearl Island in Sentosa Cove.

On April 30, DPP Lim said that between July and October 2020, Hong Kong company Beiyin deposited over HK$138 million (S$24 million) into Zhang’s CIMB Bank account in Singapore.

The prosecutor said that according to Zhang, the deposits were for him to buy property in Singapore.

At the time, Zhang was in Singapore on an employment pass and had no verifiable sources of income.

The bank asked him to explain the source of the deposits and provide documentation.

Zhang lied to CIMB Bank that the funds were proceeds from selling his property in Macau. He obtained a forged sale and purchase agreement from a Li Liansheng to justify the deposits.

In July 2020, HK$7.5 million was deposited into Zhang’s CIMB Bank account by Siu Feng Trading, a company set up in Hong Kong.

When he was asked by the bank to explain the source of the deposit, Zhang submitted a forged document stating that Siu Feng Trading agreed to loan him HK$7.5 million.

During police investigations, he claimed that the funds were legitimately derived from his companies in China but could not prove it, said the prosecution.

Zhang later admitted to police that he had instructed others to falsify accounts for his business in China.

He profited from the practice of misleading external parties with false financial information, said DPP Lim.

Seeking 14 to 16 months’ jail for Zhang, DPP Lim said there was a level of sophistication in the way Zhang brought suspected criminal funds into Singapore.

“The accused did not simply carry cash over in bags. Instead, he made use of services provided by Li, allowing him to move money through an intermediate jurisdiction under false pretences,” he added.

The DPP added that Zhang’s forgery offences were calculated and intentional.

“He submitted the documents precisely to circumvent the bank’s money laundering checks, knowing that he would otherwise not be able to explain the source of the funds,” he said.

In mitigation, Zhang’s legal teams – one led by Mr Thuraisingam and the other by Mr Richard Siaw from R.S. Solomon – sought a sentence of not more than 14 months.

On the forgery charges, Mr Thuraisingam said the bank did not suffer any financial loss.

The prosecution, however, said that CIMB Bank would have had to spend considerable time and resources to carry out its own investigations and respond to the authorities.

The defence added that Zhang, who has diabetes and depression, cooperated with the authorities during the investigation, saving them time during asset tracing.

“This is a man who is sorry for what he has done, and he urges Your Honour to take that into consideration,” said Mr Thuraisingam.

When Zhang and Lin were first charged on Aug 16, 2023, Zhang told the court that they were lovers.

He said: “You can separate her crimes from me, we are just lovers... You can bail me out, but remand her.”

They were denied bail as the prosecution said they were flight risks.

Lin, the only woman in the group, faces two forgery charges and one charge of perverting the course of justice. Her case is pending.

Before the statement of facts was read out on April 30, Zhang asked the court for the jail term that another offender, Su Baolin, was sentenced to.

Mr Thuraisingam said he would deal with it and that Zhang need not worry.

Su was also among the 10 foreigners arrested in this money laundering case, and was sentenced on April 29 to 14 months’ jail.

He was found to have laundered over $1.7 million and had pleaded guilty to three charges, including two for money laundering.

The other three people dealt with are Su Wenqiang, Su Haijin and Wang Baosen.

On April 2, Cambodian national Su Wenqiang, 32, was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering. The first in the group to be sentenced, he laundered over $1.5 million and faced 11 charges.

Cypriot national Su Haijin, 41, who had jumped from the second-floor balcony of a good class bungalow during a police raid, was sentenced to 14 months’ jail on April 4. He laundered about $3.8 million and faced 14 charges.

Chinese national Wang Baosen, 32, was sentenced to 13 months’ jail after pleading guilty on April 16 to two charges of money laundering. He laundered over $2.4 million and faced eight charges.

Su Haijin forfeited assets worth around $165 million to the state, while Su Baolin forfeited about $65 million.

Wang Baosen surrendered assets worth around $8 million, and Su Wenqiang gave up assets worth more than $5.9 million.

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@Jackie San