Director Jailed in Singapore's Largest Money Laundering Scandal

A company director has been sentenced to prison for his involvement in Singapore’s largest money laundering scandal, which involved S$3 billion (approximately Rp39 trillion). Wang Junjie, 43, was sentenced to 32 weeks in jail and disqualified from being a company director for five years. He pleaded guilty to conspiring with Su Haijin to provide false information to the Inland Revenue Authority of Singapore (IRAS) regarding the revenue, gross profit, and trade receivables of Yihao Cyber Technologies. Wang also admitted to falsifying the company’s financial statements and contracts during his tenure as director. Su Haijin, a Cypriot national, is one of ten key convicts in the case and was sentenced to 14 months in prison in April 2024. District Judge John Ng stated that a severe sentence was necessary when trust is undermined and systems are abused. Investigations revealed that Wang, through his firm LW Business Consultancy, provided corporate secretarial, accounting, tax, and work permit services to companies owned by Su Haijin and Su Baolin from 2018 to 2023. He also served as director and secretary of Yihao Cyber Technologies, a company that purported to be in software development but had no legitimate business activities. Between 2020 and 2022, Wang and Su Haijin deliberately submitted false financial reports to IRAS, including a 2021 tax filing that reported revenue and gross profit of S$804,969, designed to show no tax liability. Prosecutors argued the false reports were intended to make the company appear profitable and increase Su Haijin’s chances of obtaining permanent resident status. Wang also submitted false information to the Ministry of Manpower to help extend Su Haijin’s work pass. The prosecution noted Wang played a key role in the scheme, actively discussing how to manipulate financial figures to make them appear convincing.