Zhang Ruisheng agreed to forfeit a Sentosa Cove bungalow and a Toyota Vellfire after a Singapore court sentenced him to 12 months in prison in connection with a wider S$3 billion money laundering case.
The asset agreement was part of Zhang Ruisheng's Oct. 19 sentencing, CNA and The Straits Times reported. He pleaded guilty to possessing the benefits of criminal conduct. The bungalow is at 69 Cove Drive.
Eleven overseas transfers brought about S$17.6 million into Zhang's CIMB account in August and September 2020. He used about S$10.4 million from the account to pay for the bungalow and stamp duty later that year. The Straits Times estimated the property's value at about S$10 million; the S$10.4 million figure describes the earlier outlay, including stamp duty.
CIMB questioned the incoming funds. According to CNA's court report, Zhang supplied documents purporting to show a HK$87.7 million Macau property sale and a S$6 million loan he said he had made to Han Li. The documents were forged. Zhang later said he had never owned property in Macau and had no dealings with the two companies that sent the money. CNA reported that defense lawyer Julian Tay cited Zhang's agreement to forfeit the assets as evidence of remorse.
Zhang's younger brother, Zhang Ruijin, was among 10 people arrested in the wider investigation in 2023. The Singapore Police Force said Zhang Ruijin received a 15-month prison sentence in April 2024 for using forged documents and money laundering. A court ordered about S$118 million of his assets forfeited.
Singapore's Ministry of Home Affairs said about S$2.79 billion in assets linked to the wider case had been surrendered to the state as of Dec. 31, 2024, before Zhang Ruisheng's sentencing. It said proceeds from selling noncash assets would subsequently be paid into the government's Consolidated Fund. Deloitte said auctions involving more than 80 properties from the wider case would proceed in phases through mid-2027. Its announcement did not specify a sale date for 69 Cove Drive.
