Category Archives: Sentosa Property

Lawyer fined $10,000 for failure to report suspicious property transaction

Sterling Law Corporation MD Kang Bee Leng suspected that the money used for the Sentosa Cove property purchase was linked to a multi-billion dollar Ponzi scheme.

A conveyancing lawyer has been fined $10,000 over her failure to notify the authorities of a suspicious property transaction in Sentosa Cove despite her suspicion that the money for the purchase was linked to a multi-billion dollar Ponzi scheme, reported Channel NewsAsia.

Sterling Law Corporation managing director Kang Bee Leng pleaded guilty to the charge on Tuesday (17 Apr).

More: Sale Of Sentosa Villa Scrapped After China Buyer Arrested

Chinese tycoon Zhang Min, who served as president and CEO of Yucheng International Holdings Group, was referred to Kang by property agent Tan Yen in October 2015.

For her $23.8 million purchase of 38 Lakeshore View in Sentosa, Zhang provided Kang with her identification documents, income tax records and payslips through email.

Zhang paid over $5.4 million towards the acquisition between October and November 2015, including $4.279 million in stamp duties to the Inland Revenue Authority of Singapore, $1.19 million for the Option to Purchase and $12,581 in conveyance fees to Kang’s law firm.

On 12 January 2016, a day before the scheduled completion of the property acquisition, Kang tried to contact Zhang but received no response. Tan, the property agent who referred Zhang, told Kang that her client had been detained in China.

A few months later, Kang read that Ezubao, the peer-to-peer lending platform of Zhang’s Yucheng Group, was a Ponzi scheme worth $10.8 billion. Reports revealed that Zhang was also the girlfriend of Yucheng Group chairman Ding Ning, who showered her with lavish gifts including a US$20 million property in Singapore.

While Kang suspected that the money paid for the property acquisition represented criminal proceeds from the alleged Ponzi scheme, she did not file a Suspicious Transaction Report.

For her failure to flag the suspicious property transaction, Kang could have been fined up to $20,000.

Meanwhile, Tan was also charged and is set to appear in court later in the month.

 

Source : Property Guru 18 Apr 2018

Advertisements

Kong Hee’s home on sale for $10m

The luxurious family home of City Harvest Church (CHC) founder Kong Hee in Sentosa Cove has been put on the market for $10 million, reported The Straits Times.

In an online advertisement, the 11th-storey unit is simply described as: “Duplex penthouse with pool/jacuzzi. Views span city, marina and sea. Full resort-style condo facilities.”

While the ad does not reveal the identity of the owner, a check with the Singapore Land Authority (SLA) shows that The Oceanfront penthouse is co-owned by Kong and Indonesian magnate Wahju Hanafi.

Kong and five others are accused of misusing $50 million of church funds and falsifying church accounts to cover it up. They allegedly funnelled millions from the church’s building fund to the Crossover Project, with the aim of boosting the music career of Ho Yeow Sun, Kong’s wife.

Purchased in 2007 for $9.33 million, the 5,242 sq ft duplex features a roof terrace with a huge infinity pool. It also offers views of fireworks during festivities, luxury yachts entering the marina and the city skyline, said a property agent.

The master bedroom and three other rooms can be found on the first level, while the living and dining areas boast works of art and giant crystal light fixtures.

It is understood the apartment is being marketed by more than one property agent. Several offers have been made for the unit, but none have matched Kong’s asking price.

The last time an Oceanfront penthouse was sold occurred in April 2010. The 4,510 sq ft unit changed hands for $7.5 million or $1,663 psf.