Recovery by CAD in Sunshine Empire Case and Timeline for Liquidation and Distribution of Funds to Creditors

Ms Hazel Poa asked the Minister for Home Affairs (a) whether the Commercial Affairs Department (CAD) has recovered any funds from Sunshine Empire since 2007; (b) if so, whether CAD is still holding on to any of the funds; and (c) what is the process and estimated completion timeline for the funds to be liquidated and distributed to creditors.

The Commercial Affairs Department (CAD) had seized funds of $15.16 million and US$4.97 million in connection with the investigation into Sunshine Empire Pte Ltd (Sunshine).

Given the large number of potential claimants and the complex financial relationships between Sunshine and its affiliates, verifying these competing claims and distributing the seized funds is a complicated and protracted exercise. Professional liquidators had been engaged to ensure a fair and equitable distribution of funds to entitled claimants.

Subsequent to an order made by High Court in September 2020, CAD had released all the funds seized, including accrued interest, to the liquidators. The liquidators have written to potential claimants to invite them to submit their claims. To date, more than 4,000 creditors have filed their proof of debt. The liquidators are in the advanced stages of assessing the validity and quantum of these claims and expect to conclude the liquidation by the middle of next year.