SINGAPORE: The police have spent about S$646,282 (US$477,758) so far to maintain billions of dollars of assets seized or frozen in relation to Singapore’s largest money laundering case.
Over 150 properties, dozens of vehicles, gold bars, jewellery, crypto, cash and luxury watches make up the more than S$3 billion of assets seized or frozen since police operations began in August last year.
Home Affairs and Law Minister K Shanmugam on Tuesday (May 7) provided a written response to a parliamentary question by Member of Parliament Saktiandi Supaat (PAP-Bishan-Toa Payoh).
Mr Saktiandi had asked about the money spent to preserve the assets seized and how this sum would be covered.
“Expenses are incurred for the storage, maintenance and safeguarding of the seized assets, comprising properties, vehicles and luxury goods such as branded bags, watches and alcohol,” Mr Shanmugam said.
He added that these expenses include the engaging of specialized services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets.
“These expenses are borne by the state,” said Mr Shanmugam. “They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channeled to the state.”
Some of the seized items, like the “thousands” of bottles of liquor and wine, as well as ornaments like Bearbrick figures and branded bags, must be stored appropriately to maintain their condition, while the vehicles will have to be serviced.
The police said in January that the total value of assets seized or issued with prohibition of disposal orders is more than S$3 billion to date.
Tags: S650000 spent maintain upkeep seized assets billiondollar money laundering case
