5 days ago
- Business
- New Straits Times
Singapore to sell Patek, Hermès and gold from launderers
SINGAPORE: Singapore is preparing to sell off a staggering haul of luxury items seized from convicted money launderers in the country's largest ever financial crime case, including Patek Philippe watches, Hermès handbags and gold bars.
Deloitte's Singapore office has been tasked with overseeing the sale of the seized non-cash assets, CNA reported.
Luxury handbags, watches and gold bars seized in the S$3 billion (RM9.9 billion) money laundering case were handed over to Deloitte by police for liquidation on Tuesday.
The money laundering scandal, uncovered after sweeping police raids across Singapore in August 2023, traced back to millions of dollars funnelled from an illegal gambling syndicate operating in Southeast Asia.
The offenders — nine men and one woman, all Chinese nationals with criminal records — have since been convicted, jailed, and deported.
On Tuesday, the media were invited to witness the police handing over seized assets from the money laundering case to Deloitte at the Police Cantonment Complex.
Over two days, officers from the Commercial Affairs Department (CAD) transferred 466 luxury items and 58 gold bars.
The gold bars weigh between 999g and 1kg each.
The haul included around 50 designer handbags from Louis Vuitton, Hermès, Dior and Chanel — among them a Hermès Birkin 25 Togo bag valued at
S$30,000 and a Kelly Alligator model worth up to S$120,000.
At least 14 luxury watches were also handed over, including timepieces by Patek Philippe, Richard Mille, Rolex and Audemars Piguet.
A Patek Philippe World Time Chronograph was among them, estimated at S$120,000. A Richard Mille RM 67 was also seen — a watch valued at over S$400,000.
Gold bars, jewellery cases containing earrings, bracelets and jade necklaces, a gold display plate, and a luxury belt were also on display.
Police confirmed that Deloitte & Touche Financial Advisory Services has been appointed to manage and realise the non-cash assets. Remaining items will be handed over progressively.
CNA observed Deloitte staff disassembling the handbags for cataloguing. Each part was photographed and packed into brown bags.
Watches were inspected, logged, and stored in transparent bags, while the gold bars — valued at around S$139,000 each — were carefully bagged after inspection.
