Liquidation strategy for seized properties related to money laundering case while safeguarding taxpayers' interests

Question:

Mr Fadli Fawzi: To ask the Senior Minister, Coordinating Minister for National Security and Minister for Home Affairs how will the liquidation of properties related to the $3 billion money laundering case proceed, in view that bids for multiple properties recently failed to meet the Government's reserve price at auction, while safeguarding taxpayers' interests.

Answer:

Mr K Shanmugam, Senior Minister, Coordinating Minister for National Security and Minister for Home Affairs:

1. Police, Deloitte and the appointed vendors will review the outcome of the sales, and the unsold properties may be put up through auctions again or other suitable sales mechanisms such as negotiations with bidders in the auction or expressions-of-interest. The approach for each property will be guided by commercial and market considerations to facilitate an orderly and transparent realisation of the real estate assets.