Singapore to sell Hermes bags and gold bars seized from launderers
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 ($2.3 billion) scandal that broke two years ago.
Deloitte will submit proposals for the sale of the assets in due course, the police said in response to a query from Bloomberg. These could include auctions and direct-selling, and will start when the government approves the proposals, it added.
The gold bars, jade necklaces and over 10 luxury watches from brands like Richard Mille and Patek Philippe were displayed in a publicized handover. The event also featured dozens of luxury handbags including Hermes 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. The government has proposed to strip money launderers of directorships and probed law firms embroiled in the case.
Authorities previously kickstarted 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. –BLOOMBERG
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