SU BAOLIN, one of the 10 foreign nationals involved with the more-than-S$3 billion money laundering case, was on Monday (Apr 29) sentenced to 14 months’ jail.
Su faced 13 charges related to forgery, fraud and money laundering. The prosecution proceeded on three, with the rest taken into consideration during sentencing by District Judge Ow Yong Tuck Leong.
Among the three charges, Su was found to have S$777,220.50 in cash stored at 34A Nassim Road, which, in part or in whole, represented his benefits from criminal conduct.
Su was part of an unlawful remote gambling operation, said Deputy Public Prosecutor (DPP) Eric Hu.
He was also found guilty of possessing a white Toyota Alphard Hybrid 2.5SR C-Package CVT, which he purchased for S$332,281.26 using criminal proceeds.
The third charge noted that he had abetted Wang Junjie to fraudulently make false representations to the Inland Revenue Authority of Singapore on the true value of Xinbao Investment Holdings’ revenue, gross profits and trade receivables for the financial years of 2019, 2020 and 2021.
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Su and Wang were both directors at Xinbao Investment Holdings, where Wang was also secretary.
Wang was a qualified individual at registered filing agent LW Business Consultancy. His registration as a qualified individual was cancelled on Jan 18, as part of its investigations into the money laundering probe, according to the Accounting and Corporate Regulatory Authority.
In mitigation, Su’s lawyer Sunil Sudheesan of Quahe Woo & Palmer asked for a lower sentence of 12 months and three weeks, as Su had health issues including a congenital heart disease, as well as a growth in the large intestine, which carries a risk of cancer.
He had gone through a biopsy for the latter in April, but the results are still pending.
Sudheesan said that since Su’s arrest, his waiting period in remand had been “torturous”, adding that he had not been able to seek an earlier scan for the growth. A shorter sentence would then allow him to seek further treatment as soon as possible.
DPP Hu replied that the prisons medical officer had stated in an affidavit that prison was able to give Su the adequate amount of care needed.
While ill health can be a mitigating factor, the defence’s submissions did not show how Su’s condition prevents him from serving a given sentence.
Submitted forged documents to cheat banks
Su’s other charges taken into consideration were related to money laundering, forgery, and an attempt to cheat the Manpower Ministry (MOM).
Su also used S$657,980 – his benefits of criminal conduct – to fund the purchase of three properties at Scotts Square, in Scotts Road, in his wife’s name.
The money he provided was derived from a conspiracy he engaged in with Wang Qiming, a former Citibank employee, to forge a document with the intent to cheat Standard Chartered Bank.
He had also forged an income declaration certificate from ZhengJiang Chengnabaili Import & Export, showing that he was the executive director of the company, and submitted it to Citibank as supporting documentation.
Su also made a false statement to the Controller of Work Passes under MOM, in his capacity as a director of a company known as SG-Gree, in order to obtain an employment pass for his wife Ma Ning.
He stated that Ma would be employed as a sales and marketing director by the company, when the company had no intention of employing her.
Another charge stated the Cambodian passport holder had also used a false declaration in the purchase of a unit at the Gramercy Park condominium in Grange Road, off Orchard Boulevard.
He made false statements indicating that he was a director of Great Trillion Technology in Hong Kong and China Run Feng (Holdings) Investment in China, receiving dividends, director’s fees and salary from these companies. These were declared as the source of his funds for purchasing the condominium unit.
Su was arrested on Aug 15, 2023, at a Good Class Bungalow along Nassim Road, along with nine other foreign nationals in an islandwide anti-money laundering blitz.
