SINGAPORE: Assets surrendered to the state as part of the S$3 billion money laundering case are progressively being liquidated and returned to government coffers. 

A total of 54 properties, 33 vehicles and 11 country club memberships were liquidated as of December 2024, Law and Home Affairs Minister K Shanmugam said on Wednesday (Feb 26). 

Proceeds from the liquidation of non-cash assets would be paid into the government’s consolidated fund, he said in a parliamentary reply to a question by Non-Constituency Member of Parliament Leong Mun Wai (PSP).

The consolidated fund is similar to a bank account held by the government. According to the Parliament website, Singapore's revenues are paid into this fund and it is also used to fund government spending.

Mr Shanmugam said about S$1.8 million has been paid into the consolidated fund as of December 2024. 

Another S$390 million, which includes proceeds from the liquidation, is pending similar payment into the consolidated fund in the 2024 financial year.

As of December 2024, assets amounting to about S$2.79 billion have been surrendered to the state, said the minister. 

Of this, S$1.54 billion was in cash or financial assets, said Mr Shanmugam, adding that the rest were in non-cash assets. These include properties, vehicles and luxury items.

The S$2.79 billion figure includes S$944 million in assets seized from the nine men and one woman who were sentenced in the case. 

Some of the country club memberships seized from them include a Sentosa Golf Club membership valued at S$550,300 and a Singapore Island Country Club membership worth S$410,000. 

The last of the 10 criminals convicted in the case was deported in July 2024. 

A further S$1.85 billion worth of assets was surrendered by 15 of the 17 foreigners who fled Singapore amid the investigation. 

Mr Shanmugam noted that the police incurred over S$600,000 in the 2023 financial year to maintain the assets. 

“This is the latest figure we have, as the police track these expenses on an annual basis,” he said. 

The minister said in May 2024 that expenses are incurred for the storage, maintenance and safeguarding of the seized assets.

These expenses include engaging specialised 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 then. "They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled 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.