Forty-seven luxury vehicles seized in Singapore’s largest money laundering case are being liquidated through a closed-bidding auction managed by Deloitte, according to a report by The Straits Times. The asset disposal involves high-end automobiles linked to foreign nationals investigated in the S$3 billion crackdown.
Deloitte Engages Sgcarmart Quotz for Closed Bidding
According to The Straits Times, liquidation firm Deloitte engaged used-car auction platform Sgcarmart Quotz to manage the sale. The auction follows an August 2023 crackdown that led to the arrest and eventual deportation of 10 foreigners. Several of the vehicles were reportedly linked to suspects who fled Singapore and later surrendered assets to authorities.
Rolls-Royces and Ferraris Among Seized Fleet
The catalog of vehicles being auctioned includes at least 11 Rolls-Royces, two Bentley Flying Spurs, and 24 high-end seven-seaters such as the Toyota Alphard and Vellfire, alongside models from Ferrari and McLaren, as reported by The Straits Times. Inspection reports and photographs revealed varying conditions among the fleet. While some cars showed minimal use—such as a 2023 Rolls-Royce Phantom with 284km on its odometer and a Ferrari SF90 Stradale plug-in hybrid with 500km traveled—others had gathered dust or developed apparent mould during storage. Many require new batteries, tyres, and repairs to air-conditioning or suspension systems.
Did you know?
Authorities have confiscated a total of 207 properties, 77 vehicles, more than S$1.45 billion in bank accounts, and over S$76 million in cash linked to the network, with proceeds directed to Singapore’s Consolidated Fund, according to previous reports by The Straits Times.
Frequently Asked Questions
What happens to the proceeds from the vehicle auction?
According to previous reports by The Straits Times, proceeds from the seized assets are paid into Singapore’s Consolidated Fund.
Who is managing the liquidation of the seized vehicles?
The Straits Times reported that Deloitte was appointed to manage the liquidation and engaged Sgcarmart Quotz to conduct the closed bidding.
How many luxury vehicles were originally seized in the case?
Authorities confiscated a total of 77 vehicles during the crackdown, according to reports by The Straits Times.
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