Cash and Non-cash Assets Surrendered In Connection with $3 Billion Money Laundering Case, and Amount Expended on Safekeeping Assets and Paid into Government's Consolidation Fund

Mr Leong Mun Wai asked the Minister for Home Affairs with regard to assets surrendered to the state in connection with the $3 billion money laundering case, as of 31 December 2024 (a) what is the total value of the assets surrendered in cash and non-cash assets respectively; (b) what percentage of the non-cash assets have been disposed; (c) what is the total cost incurred in safekeeping the assets; and (d) what is the total value of assets that have been paid into the Consolidated Fund.

As of December 2024, assets amounting to approximately $2.79 billion, linked to the $3 billion money laundering case, had been surrendered to the state. Of this $2.79 billion, $1.54 billion were in cash or financial assets and the rest were in non-cash assets, which include properties, vehicles and luxury items.

These assets are progressively being liquidated. As of December 2024, 54 properties, 33 vehicles and 11 country club memberships have been liquidated. Proceeds from the liquidation of non-cash assets would subsequently be paid into the Consolidated Fund.

About $1.8 million has been paid into the Consolidated Fund as of December 2024. Another $390 million, which includes proceeds from the liquidation, are pending similar payment into the Consolidated Fund in financial year 2024.

The Police incurred over $600,000 in financial year 2023 to maintain the assets. This is the latest figure we have, as the Police track these expenses on an annual basis.