https://www.businesstimes.com.sg/companies-markets/banking-finance/prosecution-considering-more-charges-against-money-laundering

POLICE have uncovered more potential forged documents submitted by Su Baolin to financial institutions, which may lead to further charges against him, prosecutors said in court on Friday (Dec 15).

In particular, the Cambodian passport holder may have submitted falsified financial statements and income tax returns related to his company Xinbao Investment Holdings, artificially inflating its revenue and trade receivables to give the impression that it is profitable.

The police is considering additional charges for forgery, fraud, cheating or other money laundering-related offences against Su, indicating a “likely prospect of increased jail time” if found guilty, said Deputy Public Prosecutor (DPP) Ng Jean Ting.

Su is also alleged to have derived S$5 million to S$6 million in the cryptocurrency Tether from illegal activities in Myanmar between 2020 and 2022. This is being stored in “digital wallets of other individuals”, the affidavit filed by the investigating officer indicated.

Su therefore holds significant assets overseas through foreigners, and the full extent of his overseas assets may not be known, contributing to his real flight risk, said DPP Ng.

These were factors raised by the prosecution in arguing against bail for Su, who currently faces two forgery charges.

District Judge Brenda Tan on Friday denied Su bail, saying that she agreed with the prosecution that Su remained a flight risk, as he had substantial assets overseas and the means to abscond.

She highlighted the investigating officer’s affidavit, which indicated that Su directed a third party to convert Tether worth S$4.7 million – part of his alleged earnings from illegal activities – into physical fiat, a government-issued currency, or to make payments on his behalf in Singapore.

The amount, which was significant in the judge’s view, is in addition to the more than S$90 million in assets under his and his wife’s name that was seized by the police.

His medical condition, which his defence counsel relied on heavily as grounds for granting bail, is also not sufficiently exceptional, she said, adding that the Singapore Prison Service had adequate facilities to care for him.

Su is one of the 10 foreign nationals arrested on Aug 15 this year who are embroiled in the S$2.8 billion money laundering case.

In court for Su’s second bail review, defence counsel Sunil Sudheesan said that his client believes his statements about his cryptocurrency and overseas assets were misinterpreted by the investigating officer. This was despite a certified Mandarin interpreter being present during Su’s questioning.

Sudheesan said that, should Su be let out on bail, the defence could either bring in their own interpreter or be present during the investigating officer’s interviews with the accused, which would remove any possibility of misinterpretation.

Su’s health condition

The lawyer also took issue with the alleged inadequate care given to his client at Changi Prison, where he has been remanded.

Su, who has a congenital heart condition, was in July assessed by a doctor to be at high risk of gastric cancer, and was recommended for a gastroscopy. However, Sudheesan said that his client has not undergone this procedure, and was assessed by a gastroenterologist only once, for five minutes.

“This is inadequate care. If it was any one of our relatives, we would have been insistent on an early gastroscopy,” noted Sudheesan.

He added that Su had said he was not given adequate oxygen once while in remand, which could have been particularly detrimental to him given his heart condition. “I’m not mincing my words when I say prison is gambling with the accused’s life,” said the lawyer.

In response, DPP Ng said that the accused’s medical condition is “not exceptional”, and adequate care has been given to him.

An affidavit from a doctor from the prison said that it is aware of Su’s gastric cancer risk and had allowed a gastroenterologist from Changi General Hospital to assess him.

As he was transported to the hospital for his checkup, he was attended to by medical professionals.

DPP Ng added that although the gastroenterologist met with Su for just five minutes, there is no reason to say the specialist doctor was negligent or flippant in his review of Su.

While in remand, Su is being housed in a medical centre, and has access to various medical facilities, the affidavit noted. He also has his vitals monitored, and has a bedside call bell.

Replying to Su’s allegation that doctors had on one occasion failed to give him adequate oxygen, DPP Ng said that doctors had then assessed that “the need for oxygen therapy had not yet arisen”.

She concluded that the shortcomings in care alleged by the accused are unfounded and do not constitute a material change in circumstances, which is required for bail to be granted in a subsequent bail review.

Su will return to court on Jan 24 for a pre-trial conference.

He is also involved in a separate High Court case involving his mortgaged 69 Ocean Drive home in Sentosa Cove. OCBC is seeking at least S$19.7 million from him, as well as repossession of the property.