Singapore to sell Louis Vuitton, Hermès bags seized from money launderers
Advertisement
The local unit of consulting firm Deloitte has been appointed to manage the process of selling the non-cash assets, according to a statement on Tuesday by the police, who added they handed over more than 460 pieces of
luxury goods and 58 pieces of gold bars to the firm this week.
The items are among a broader haul of assets, including upscale real estate, cars and cash, seized in connection with the S$3 billion (US$2.3 billion) scandal that broke two years ago.
Luxury watches seized during an anti-money laundering raid in Singapore. Photo: Singapore Police Force/EPA-EFE
The gold bars, jade necklaces and over 10 luxury watches from brands like
Richard Mille and
Patek Philippe were displayed in a publicised handover. The event also featured dozens of luxury handbags, including
Hermès handbags and a limited-edition yellow pumpkin-shaped
Louis Vuitton bag created in collaboration with Japanese artist Yayoi Kusama.
Since the scandal, Singapore has moved to stem the fallout, with authorities imposing financial penalties on several of the world's biggest banks for lapses related to the case. Private bankers have also been charged for their alleged involvement in the scandal.
Vehicles seized during an anti-money laundering raid in Singapore in August 2023). Photo: EPA-EFE/Singapore Police Force
The government has proposed to strip money launderers of directorships and has probed law firms embroiled in the case.
Advertisement
Authorities previously kick-started the process to sell the seized assets – which amounted to about S$2.79 billion at the end of 2024. While the bulk of it was in the form of cash and financial assets, numerous properties, vehicles and country club memberships have been sold. The proceeds are put in a de facto bank account of the Singapore government.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
14 minutes ago
- South China Morning Post
Malaysians call for Zara's bullies to be charged after new evidence uncovered
Malaysians call for prosecutors to press charges over the case of 13-year-old Zara Qairina Mahathir , after police said they found evidence of bullying in the reopened investigation into her death. Advertisement Zara died on July 17 after she fell from the third floor of her Islamic school dormitory in the Papar district in the east Malaysian state of Sabah. Her death sparked an uproar, with rumours of foul play and cover ups fanning existing anger at a perceived culture of impunity and a justice system bent to serve the rich and powerful. Claims that she had been a victim of bullying by other students, as well as questionable investigation by the state police, led to intense speculation across the country, which erupted into rare protests in several cities last week. Under an anti-bullying law that came into effect on July 11 – just days before Zara's death – those found guilty can be jailed for up to 10 years if their victim dies as a result of their actions. Advertisement
South China Morning Post
an hour ago
- South China Morning Post
Couple hired by Singapore loan shark arrested for deadly Malaysia house fire
A couple, believed to have been hired by a Singapore-based loan shark, was arrested on suspicion of starting a house fire in Malaysia 's Johor state. The fire killed a 72-year-old woman in Kampung Bukit Siput, Segamat, on July 25. State police chief Commissioner Ab Rahaman Arsad said police received an emergency call regarding a fire involving five houses at about 4.30am. 'Investigations by the police and the fire department found elements of arson. 'We then formed a special task force and arrested a couple, a 21-year-old and his 19-year-old girlfriend in Subang Jaya, Selangor, a week after the incident. 'During the interrogation it was revealed that a loan shark syndicate in Singapore hired them to carry out criminal intimidation by setting fire to the house of a borrower who had failed to repay a loan,' he told a press conference on Wednesday, Bernama reported.
South China Morning Post
3 hours ago
- South China Morning Post
Hong Kong stocks on course for nearly 4-year high on Tencent earnings beat
A stellar run on Hong Kong stocks gained traction on Thursday, with the benchmark heading for a level not seen in almost four years after better-than-expected earnings by Tencent Holdings added to signs that China's economic activity is picking up. The Hang Seng Index rose 0.2 per cent to 25,674.25 as of 10.56am local time, on track for its highest close since November 16, 2021. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.7 per cent and the Shanghai Composite Index added 0.3 per cent. Tencent, the second-biggest weighting on the Hang Seng Index, gained 1 per cent to HK$592. Semiconductor Manufacturing International advanced 3.8 per cent to HK$54.05 and Anta Sports Products added 2.9 per cent to HK$92.60. Second-quarter net income for Tencent rose 16 per cent from a year ago to 55.6 billion yuan (US$7.8 billion) based on the global accounting standard, the social-media giant said on Wednesday after the market closed. That beat the consensus estimate of 50.8 billion yuan in a Bloomberg survey of analysts. Sales increased for the 11th quarter, with a 15 per cent increase. 'Hong Kong stocks still have upside room,' said Yan Zhaojun, an analyst at Zhongtai Securities. 'Expectations for corporate earnings are stable. Earnings for the upstream industries will be revised upward because of China's move to cut excessive capacities in the anti-involution campaign.'
