S$3bil money laundering case: Luxury properties, handbags and jewellery seized in Singapore up for auction
Singapore authorities are auctioning off luxury assets, including handbags and jewelry, seized during a S$3 billion money laundering investigation. The sales will be conducted through online auctions managed by Deloitte and Hotlotz starting in September.
Why it matters
This represents a significant recovery effort in one of Singapore's largest financial crime cases, setting a precedent for how seized illicit assets are liquidated.
SINGAPORE: Luxury items such as branded handbags, watches and jewellery seized by authorities in Singapore in the landmark S$3 billion dollar money laundering case will be sold through a series of timed, online-only auctions.
More than 80 properties tied to the probe will also be progressively put up for auction, professional services firm Deloitte said in a Aug 29 statement.
A spokesperson for Deloitte told The Straits Times that two auctions – one for jewellery and a separate one for handbags – will be held on Sept 7 as part of the first phase of the sales process.
“Apart from auctions, certain assets may also be realised through alternative sale methods such as limited tender, expression of interest or direct selling,” said Justin Lim, performance improvement and restructuring partner at Deloitte.
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