Police seize $530 million in cash and assets from two men identified by ST as linked to money laundering case

SINGAPORE – More than $530 million in cash and assets, including 28 properties, have been issued with prohibition of disposal orders or seized from two foreigners who have fled the country.

Police said in a statement on May 22 that the men, ages 37 and 39, are part of a $3 billion money laundering investigation.

“Both men had left Singapore before police launched investigations against them and are currently not in Singapore,” police said.

Although they did not identify the suspects, The Straits Times understands that the individuals are businessmen Su Shuiming and Su Shuijun.

A May report by ST and investigative journalism group Organized Crime and Corruption Reporting Project (OCCRP) exposed the businesses and properties of the two Chinese-born individuals who left Singapore abruptly in 2023.

The report revealed that Su Shuiming and Su Shuijun were placed on China’s wanted list just weeks after the August 2023 anti-money laundering operation in Singapore led to the arrest of 10 foreigners.

Company records in Britain show that Su Shuiming was born in February 1985, which would make him 39 years old in 2024, and Su Shuijun was born in December 1986, which would make him 37 years old.

ST contacted police then to confirm that the men were linked to the case in Singapore, but a spokesperson declined to say whether they were involved in or assisting with any investigations in the Republic.

In their statement on May 22, police said they took control of around $530 million in assets belonging to the two men by the end of 2023.

They added that the items are part of more than S$3 billion in assets seized or issued with prohibition of disposal orders in the case.

“In relation to the 37-year-old man, police had issued prohibition orders against the disposal of nine properties, two vehicles and four country club memberships.

“Police also froze bank accounts with a total balance of more than $157 million and confiscated around $93,000 in cash and more than 200 pieces of jewelry, luxury handbags and collectibles,” the statement added.

Police added that they issued prohibition orders against the disposal of 19 properties, three vehicles and three country club memberships linked to the 39-year-old man.

“Police also froze bank accounts with a total balance of more than $145 million and confiscated around $300,000 in cash, liquor bottles and more than 60 pieces of jewelry, luxury handbags and watches,” they added.