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Straits Times
3 days ago
- Business
- Straits Times
askST: Public bidding possible if assets seized in $3b money laundering case are sold at auction
Sign up now: Get ST's newsletters delivered to your inbox The assets, which include luxury cars and watches, could also be sold to a private buyer. SINGAPORE - Non-cash assets seized from 27 individuals linked to Singapore's largest money laundering case may be sold at auctions that the public can attend, experts say. However, these events are usually not advertised with specifics, including details of the items and their history. The assets, which include luxury cars and watches, could also be sold to a private buyer. The police announced on Aug 12 that they are progressively handing over to Deloitte the remaining assets seized in the bust. The private services firm will have to submit proposals in relation to the sale of the assets, which can proceed only with the Government's approval, a police spokesperson told The Straits Times. The case, which saw police arrest 10 foreigners on Aug 15, 2023 , resulted in around $1.25 billion in non-cash assets – including cars, properties, jewellery and watches – being seized over the course of the investigations. Home Affairs Minister K. Shanmugam said earlier that 54 properties, 33 vehicles and 11 country club memberships had already been liquidated by the end of December 2024. Top stories Swipe. Select. Stay informed. 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Mr John Lim, managing director of LIMN Law, said the fact that the non-cash assets have been handed over to be liquidated means no claims were made on the seized property, which would have otherwise been under a disposal inquiry. In a disposal inquiry, a court hearing is held to determine how the assets will be disposed of. The assets cannot be liquidated until a conclusion is reached. With police handing over the assets to Deloitte, the firm will now have to authenticate them and decide on the best method of liquidation. A direct sale would bypass the auctioning process, with the firm dealing instead with commodity brokers and jewellers in some cases. This could be better suited for items such as gold bars. Mr Lim said if the decision is to hold an auction, it would likely be carried out by auction houses. This would require approval from the Commercial Affairs Department, for example. 'Ultimately, the remit for Deloitte is to maximise value. This overarching remit was self-evident when the luxury cars, which were earlier seized, were sold promptly as a means to preserve value before depreciation,' said Mr Lim. 'At the end of the exercise, the proceeds of liquidation are accounted for and paid into the Consolidated Fund.' Revenues of Singapore are paid into the Consolidated Fund, which is similar to a bank account held by the Government, out of which government expenditures are made. In general, auction houses will take out advertisements or make announcements if there is an auction, although the contents may be kept under wraps. ST previously reported that members of the public would be able to attend such auctions. In total, the police seized or took control of around $1.25 billion in non-cash assets during investigations. ST PHOTO: KUA CHEE SIONG How will knowledge that the assets have been kept in storage for two years impact the value of the items? Mr Ronald Low, graduate geologist at bespoke jeweller Ivy Masterpiece, said some of the items could have appreciated over the two years, which should translate to high demand if they are to be auctioned off. For example, gold prices have risen over the time period, which means the confiscated gold bars could be at an all-time high, said Mr Low. 'As for the jewellery, being in storage usually does not affect their prices structurally, although some oxidisation could have occurred,' said Mr Low, but he added that it is not difficult to refurbish those pieces to look brand new. Diamond-encrusted jewellery among the non-cash assets seized during police investigations. ST PHOTO: KUA CHEE SIONG Mr William Tan, manager of luxury watch dealer Watch Exchange, said there will be interest in the luxury watches. 'If the watches are priced slightly below market price, watch dealers will buy and resell them,' he said. But if the watches – some of which contain complicated and intricate mechanisms – have not been serviced in the two years they were kept in storage, prices may be affected. Mr Tan said collectors pay a premium of up to 30 per cent for watches that come as a 'complete set' with the original packaging, including the box and certificate. Luxury watches among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG The handbags seized may be negatively impacted by the amount of time it has been kept in storage. Mrs Florence Low, founder of luxury goods reseller LuxLexicon, said that each Hermes bag bears a stamp indicating the year of production. 'Bags kept even in unused condition will not fetch as good a price as something that is store-fresh, bearing a current-year stamp,' she added. Luxury handbags from Hermes and Louis Vuitton among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG What are some of the items seized? The 27 foreigners linked to the case enjoyed a lavish lifestyle. Among the items seized from the group were luxury cars from Rolls-Royce, Porsche and McLaren, and pallets of Macallan whisky bottles. Other assets seized include watches from Patek Philippe and Richard Mille. Mr Tan from Watch Exchange identified one model that was displayed by the police to the media on Aug 12 as a RM 07-03 Cupcake valued at $320,000, and a RM 67-02 variant valued at $520,000. Another watch displayed was a Patek Philippe Grand Complications 5520P-001. Mr Tan said he is selling a similar model in his shop for more than $158,000. Another was the Patek Philippe Ladies' Nautilus Rose Gold 7118/1450R-001, valued at $490,000. LuxLexicon's Mrs Low said she identified a Hermes Kelly Sellier Rose Pourpre Shiny Alligator valued at $85,000, a Hermes Shadow Birkin 25 worth $45,000, a Hermes Kelly Pochette Mauve Sylvestre valued at $25,000 and two Hermes Kelly Picnics worth $65,000 each. Luxury handbags from Hermes and Louis Vuitton are among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG Mrs Low said the estimated value was based on the street market value of the handbags, assuming all were still brand new. On Aug 12, there were at least 56 gold bars weighing between 999g and 1kg on display. Checks by ST showed that based on current gold prices, each bar could be worth more than $139,000.
The Star
20-07-2025
- Entertainment
- The Star
Unwind with handcrafted cocktails
THE RC BAR Level 1, The Ritz-Carlton Kuala Lumpur, Jalan Imbi, Kuala Lumpur Business Hours: 11am to 11pm daily Reservations: 018-623 0036 Prepare for an extraordinary escapade as Hendrick's Gin partners with The RC Bar to wow guests with signature gin cocktails. Adding to the excitement, the bar is offering a one-for-one deal on all Hendrick's Gin cocktails until Sept 30. Guests can also try out popular creations with Hendrick's Gin as the base. Hendrick's Gin cocktails at RC Bar. These include the Spritz on the Ritz, a cocktail that features pineapple juice, lemon and Aperol. There's also the Unusual Negroni cocktail, a twist from the classic, which mixes Lillet Blanc and Aperol. Meanwhile, the classic Martinez cocktail is made with sweet vermouth and Maraschino Liqueur. Also being offered are refreshing herb-flavoured selections such as the Gin Basil Smash which is a concoction of gin, basil, lemon juice and sugar. The cucumber Blossom Spritz made with Cherry Liqueur, lemon juice as well as rose sparkling wine, sums up the five creative cocktails made with Hendrick's Gin. Cocktails are priced at RM50++ per glass. Patrons may also request for other classics to which mixologists can add unique twists. ASTOR BAR Level 2, St Regis Kuala Lumpur, Jalan Stesen Sentral 2, KL Business hours: 5pm to midnight Reservations: 03-2727 6696 Astor Bar presents its 'Raising the Bar' guest shift series this month, featuring mixologists from two cocktail hangouts. Sundowner promotion cocktails at Jann. Come July 30, Jason Julian from Soma Cocktail Bar and John Lim from The Rift District will be mixing up a storm featuring cocktails with spirits and aromatics from Angostura. Expect the mixologists' creative take on cocktails that start from RM60 nett. On July 31, the last Thursday of the month, 'Jack's Club' jazz performance at the bar will feature Elvira. During the show, patrons can enjoy two cocktails for the price of one. Complementing the jazz nights at Astor Bar are effervescent cocktails inspired by New York's iconic districts of Lower Manhattan, Midtown, Upper Manhattan, East Side and West Side. Enjoy cocktails such as A Ritual Fizz, Royal Palladium Fizz, Duke of Jazz, Roselle's Julep and Clarke Colada. A Ritual Fizz combines coffee-infused limoncello, cream, lemon, orange blossom water, sugar and soda. The Royal Palladium Fizz is a mix of Prosecco, vodka, cherry brandy, pineapple, Sakura, honey and lime. White rum, tequila, pineapple, honey water, lemon and Oleo Saccharum (infused syrup) make up the The Duke of Jazz. The Roselle's Julep, a whiskey lover's choice, is a concoction of rye whiskey, strawberry and honey shrub, mint and Angostura bitters. JANN Level 7, Four Points by Sheraton Kuala Lumpur, Chinatown, KL Business hours: 4pm to midnight Tel: 03-2035 7333 or 012-507 3327 (WhatsApp) Jann is offering its Sundowner promotion from 5pm to 7pm daily. Guests can mix and match two cocktails, wines or highballs from RM55+. Try out the Dear Jann cocktail, which is a mix of Monkey Shoulder Blended Malt and Lillet Rose combined with jasmine and white peach soda as well as clarified citrus blend. The Arch cocktail, meanwhile, is a mix of Martell VSOP Red Barrel, Luxardo Maraschino, Luxardo Sour Apple with dashes of Angostura aromatic bitters, and a spoonful of boba, or tapioca balls. Lee, named after Jalan Tun HS Lee, is a refreshing drink that combines Beefeater gin with yuzu kosho, tuak, absinthe and lemon. For the Sundowner Beer Specials, guests can enjoy Paperkite, the local award-winning beer at RM33+. There is also a 'buy one, get one free' promotion for Tiger bottled beers. Free upgrades to pint applies for Carlsberg, Connor's and 1664 beers. This Saturday, a mixologist from Ver, the Bar at Nadodi, will take on the 8pm guest shift at Jann. Guests can expect drinks and cocktails concocted from bold flavours and refined flair of Jameson Irish Whiskey.
Yahoo
18-06-2025
- Yahoo
ST Explains: What are gazetted, protected areas, and which are you not allowed to enter?
SINGAPORE - A man was hospitalised after he suffered a gunshot wound to his lower back while cycling with his friends in a restricted area between the Upper Seletar and Upper Peirce reservoirs on June 15. At the time of the incident, the man was about 2.3km away from a military range in Nee Soon, where an authorised live-firing activity was taking place. Mindef said in a June 16 statement that under the Military Manoeuvres Act (MMA), 'unauthorised persons are not allowed to enter gazetted areas designated for SAF (Singapore Armed Forces) live firing in consideration of their own safety'. Here is what you need to know about restricted areas in Singapore. In Singapore, an area can be recognised, or gazetted, by the Government for purposes such as conservation, public safety and national security. In the case of the cyclist who got hit, he had entered a restricted forest area specified by Mindef for firing practices or military manoeuvres. Mindef has the authority to declare areas for such purposes under the MMA, said LIMN Law Corporation managing director John Lim, an expert in land law. The ministry may also declare that such areas are no longer used for such military purposes. Other than military uses, areas may also be gazetted for the purposes of preserving the appearance of an area under the Planning Act, or tree conservation under the Parks and Trees Act, among others. These would be published in the Government Gazette, an official public record that is available online. Examples of such areas used by the military are the Jurong Troop Manoeuvring Ground, the Changi Troop Manoeuvring Ground and even Bedok Jetty, Mr Lim noted. Other areas also include firing grounds such as Pulau Tekong, Mandai Camp IV 25m Range and Nee Soon Ranges I and II, he added. Such areas are comprehensively defined by both coordinates and distance in the Military Manoeuvres Proclamations. There are two tree conservation areas – Central and Changi – which contain a particularly high density of mature trees. These areas are gazetted to prevent the unapproved felling of these trees, some of which are more than 100 years old, according to NParks. There are also over 7,000 buildings, mostly shophouses and bungalows, gazetted for conservation. These include buildings in the four historic districts of Boat Quay, Chinatown, Kampong Glam and Little India, and some residential districts such as Cairnhill and Emerald Hill. You may have seen bright red signs outside certain facilities, warning people that the areas are protected areas or places, and that people should not enter such areas unless they are allowed to. According to the Singapore Police Force website, a protected area or protected place is a location 'where special measures are needed to control the movement and conduct of persons for public safety and security reasons'. Protected areas, such as the land checkpoints, are generally accessible to the public, while people have restricted access to protected places, such as military camps and water treatment plants, according to the same website. There is no one distinguishable factor between gazetted and protected areas or places, according to Mr Lim. Locations can be designated protected areas or places under the Infrastructure Protection Act (IPA), he said, adding that those locations tend to be sensitive installations or infrastructures such as the ICA Services Centre. Yes. It is possible that the same areas may be gazetted under both the MMA and the IPA. An individual found to have unlawfully interfered with a military manoeuvre or entered a camp without authority faces a $2,000 fine or a six-month jail term. Other examples of punishments include a $20,000 fine and two years' imprisonment under the IPA for anyone caught taking photos or videos of a protected area. A person found to have damaged a tree with a girth of more than 1m in a tree conservation area faces a $50,000 fine under the Parks and Trees Act. There are no known prosecutions under the MMA, said Mr Lim. However, there have been a number of prosecutions under the Protected Areas and Protected Places Act (PAPPA), which was repealed and partially incorporated under the IPA in 2018. Notably, in 2010, Swiss national Oliver Fricker and his accomplice were sentenced to two months in prison for violating the PAPPA by breaking into SMRT's Changi depot. The Mindef website publishes advisories on the locations and dates of SAF military exercises, where live-firing and demolition activities may be conducted. The public should avoid areas where the SAF will be conducting military and live-firing exercises, Mindef says. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Straits Times
17-06-2025
- Straits Times
ST Explains: What is a gazetted area and how do I avoid accidentally entering one?
The cyclist who got hit by a bullet on June 15 had entered a restricted forest area specified by Mindef for firing practices or military manoeuvres. ST PHOTO: JASON QUAH ST Explains: What is a gazetted area and how do I avoid accidentally entering one? SINGAPORE - A man was hospitalised after he suffered a gunshot wound to his lower back while cycling with his friends in a restricted area between the Upper Seletar and Upper Peirce reservoirs on June 15. At the time of the incident, the man was about 2.3km away from a military range in Nee Soon, where an authorised live-firing activity was taking place. Mindef said in a June 16 statement that under the Military Manoeuvres Act (MMA), 'unauthorised persons are not allowed to enter gazetted areas designated for SAF (Singapore Armed Forces) live-firing in consideration of their own safety'. Here's what you need to know about restricted areas in Singapore. Q: What are gazetted areas? In Singapore, an area can be recognised, or gazetted, by the Government for purposes such as conservation, public safety and national security. In the case of the cyclist who got hit, he had entered a restricted forest area specified by Mindef for firing practices or military manoeuvres. Mindef has the authority to declare areas for such purposes under the MMA, said LIMN Law Corporation managing director John Lim, an expert in land law. The ministry may also declare that such areas are no longer used for such military purposes. Other than military uses, areas may also be gazetted for the purposes of preserving the appearance of an area under the Planning Act, or tree conservation under the Parks and Trees Act, among others. These would be published in the Government Gazette, an official public record that is available online. Q: What are some examples of gazetted areas in Singapore? Examples of such areas used by the military are the Jurong Troop Manoeuvring Ground, the Changi Troop Manoeuvring Ground and even Bedok Jetty, Mr Lim noted. Other areas also include firing grounds such as Pulau Tekong, Mandai Camp IV 25m Range and Nee Soon Ranges I and II, he added. Such areas are comprehensively defined by both coordinates and distance in the Military Manoeuvres Proclamations. There are two tree conservation areas – Central and Changi – which contain a particularly high density of mature trees. These areas are gazetted to prevent the unapproved felling of these trees, some which are more than 100 years old, according to NParks. There are also over 7,000 buildings, mostly shophouses and bungalows, gazetted for conservation. These include buildings in the four historic districts of Boat Quay, Chinatown, Kampong Glam and Little India, and some residential districts such as Cairnhill and Emerald Hill. Q: How are gazetted areas similar to or different from protected areas or places? You may have seen bright red signs outside certain facilities, warning people that the areas are protected areas or places, and that people should not enter such areas unless they are allowed to. According to the Singapore Police Force website, a protected area or protected place is a location 'where special measures are needed to control the movement and conduct of persons for public safety and security reasons'. Protected areas, such as the land checkpoints, are generally accessible to the public, while people have restricted access to protected places, such as military camps and water treatment plants, according to the same website. There is no one distinguishable factor between gazetted and protected areas or places, according to Mr Lim. Locations can be designated protected areas or places under the Infrastructure Protection Act (IPA), or the Protected Areas and Protected Places Act (PAPPA), he said. Those locations declared under the Infrastructure Protection Act tend to be sensitive installations or infrastructures, Mr Lim said, while those declared under the PAPPA are areas and premises where special measures are deemed necessary to control the movement of people. For example, Shangri-La Hotel was designated a protected area under the PAPPA during the Shangri-La Dialogue, the international defence forum, on May 30 to June 1. Roads near and leading to the hotel were subject to closures or traffic diversions, while people who sought entry to the area required valid pass cards or permits, among other security measures. Q: Can a location be both a gazetted area and a protected area/place, and can I be punished under multiple laws if I am found in one such location? Yes. It is possible that the same areas may be gazetted under both the MMA and the PAPPA. Q: What punishments could I face if I go into a gazetted area or protected area or place? An individual found to have unlawfully interfered with a military manoeuvre or entered a camp without authority faces a $2,000 fine or a six-month jail term. Other examples of punishments include facing a $20,000 fine and two years' imprisonment under the IPA for anyone caught taking photos or videos of a protected area. An unauthorised person found to have entered a protected place without a valid permit or without prior permission, in violation of the PAPPA, faces a $1,000 fine and two-year jail term. A person found to have damaged a tree with a girth of more than 1m in a tree conservation area faces a $50,000 fine as a violation of the Parks and Trees Act. Q: When was the last time someone was charged under the MMA or the PAPPA? There are no known prosecutions under the MMA, said Mr Lim. However, there are a number of prosecutions under the PAPPA. Notably in 2010, Swiss national Oliver Fricker and his accomplice were sentenced to two months in prison for violating the PAPPA by breaking into SMRT's Changi depot. Q: How do I know when and where the SAF would be holding its training exercises? The Mindef website publishes advisories on the locations and dates of SAF military exercises, where live-firing and demolition activities may be conducted. The public should avoid areas where the SAF will be conducting military and live-firing exercises, Mindef says. Join ST's WhatsApp Channel and get the latest news and must-reads.
