Image courtesy: thestraittimes.com credit Kua Chee Siong
Expect to see some pretty fancy luxury goods hitting the resale market. Singaporean police recently turned over to Deloitte 466 luxury items and 58 pieces of gold bars for management and liquidation. Among the items are Hermès and Louis Vuitton handbags, diamond jewelry, and Patek Phillipe watches.
Image courtesy: thestraittimes.com credit Kua Chee Siong
This cache comes from the $3 billion (yes, that’s a ‘b’) money laundering raids in 2023, when approximately $1.25 billion of non-cash assets were confiscated and have been under the control of authorities since. Some assets have already been liquidated, and Deloitte will handle the remainder, subject to approval from the Singapore government. The resulting proceeds will go into the country’s Consolidated Fund.
Image courtesy: thestraittimes.com credit Kua Chee Siong
It will be interesting to see Deloitte’s ultimate plans for disposition, as well as efforts in authentication and valuation.
How would you feel about purchasing and owning items that were part of a criminal scheme? Let us know.
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- Maura Carlin posted 2 months ago
- last edited 2 months ago
