The Singapore police said on Tuesday that they have handed over the assets to the local arm of professional services firm Deloitte, which will oversee the selling process, as reported by Bloomberg.
The items include Patek Philippe and Richard Mille watches, diamond-studded jewelry, and luxury handbags. The bullion each weighs between 999 grams and 1 kilogram.
Notable bags seen at the handover include a Hermès Birkin 25 Togo bag, estimated to be worth S$30,000, and a Hermès Kelly Alligator bag, which can sell for S$70,000-120,000, Channel News Asia reported, citing online listings by Sotheby’s and other brokers.
Among the watches are a Patek Philippe World Time Chronograph, estimated at S$120,000, and a Richard Mille RM 67, which can cost more than S$400,000.
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This picture, released by Singapore police on Aug. 16, 2023, shows a watch and luxury handbags seized during an anti-money laundering raid. Photo from Singapore Police Force’s Facebook |
Deloitte is now tasked with verifying their authenticity and determining how best to sell them.
The firm will then submit its proposals to the government, the police said.
Potential liquidation methods include public auctions or direct sales and will only proceed once the government grants approval, they added.
In a direct sale, the auction process would be skipped and Deloitte would instead directly deal with commodity brokers or jewelers in some instances, which could be more appropriate for items like gold bars.
John Lim, managing director of Singapore-based law firm LIMN Law, said if auctions were to be held, they would likely be conducted by established auction houses, as quoted by The Straits Times.
Such events are typically publicized through advertisements or announcements, though details of the goods may remain confidential, and are open to members of the public.
The items set to be liquidated are part of the assets confiscated in Singapore’s largest-ever money laundering case, which emerged after nationwide raids in August 2023 exposed a Southeast Asia-based illicit gambling ring that had been generating millions of dollars over the years.
Nine men and one woman from China with prior criminal records were convicted and deported after serving their jail terms.
During the investigation, the police confiscated or took control of about S$1.25 billion worth of non-cash assets, including luxury cars, high-end properties, artworks, timepieces, jewelry, gold bullion, handbags and premium alcohol.
Maintaining and storing these assets cost them S$2.65 million across the 2023 and 2024 financial years.
In February, Home Affairs Minister and then-Law Minister K. Shanmugam said 54 properties, 33 vehicles and 11 country club memberships had already been sold by the end of last December.
