Singapore blacklists eight companies linked to fugitives in S$3B money laundering case

Singapore has blacklisted eight companies linked to fugitives Su Binghai and Xu Haika.

According to The Straits Times, the firms are now barred from all business dealings following regulatory and enforcement actions.

SPF and ACRA said the actions commenced in September 2023 for companies owned by Su, and in April 2024 for those linked to Xu.

All eight firms have had their assets frozen under the ongoing probe.

An SPF spokesperson confirmed that investigations into both Xu Haika and Xu Hainan continue.

SPF and ACRA said the blacklisted companies cannot enter any financial transactions due to the freezes imposed.

Su and Xu were among 17 suspects who fled during the operation on 15 August 2023.

The case resulted in 10 arrests and is considered Singapore’s largest money-laundering probe.

Business registry checks cited by The Straits Times show that Xu has served as sole director of Rong Hai Development since December 2020.
He is also its sole shareholder, holding S$500,000 in shares.

Su is listed as director of six companies registered to a good class bungalow near Adam Food Centre.

He also remains a shareholder in eight firms, including New Future Holdings, valued at S$2.5 million.

New Future Holdings is linked to Hong Kong-based private equity firm New Future International.

Su additionally holds S$29.5 million in shares in his holding company Heritage 81.

SPF and ACRA said five of the eight linked firms have been inactive and undergoing striking-off since October 2025.

The remaining three firms remain active only because their assets are still under seizure or pending realisation under court orders issued in 2024.

In November 2024, authorities announced that 15 of the 17 fugitives had agreed to surrender assets worth about US$1.85 billion left in Singapore.

Su and his wife, Wang Manzu, were among those who agreed to the surrender.

The couple’s assets included properties and four cars valued at more than US$316.6 million.

Their agreement also led to the withdrawal of Interpol Red and Blue Notices.

SPF said asset seizures linked to Xu Haika and Xu Hainan total about US$144.9 million.

These assets remain subject to prohibition orders or seizure actions.

Escape from Singapore and UK asset trail

Su fled Singapore hours before a major anti-money-laundering operation on 15 August 2023 involving 400 police officers, which led to 10 arrests and 17 fugitives.

The Straits Times and the Organised Crime and Corruption Reporting Project reported in November 2025 that Su and Xu purchased multiple London properties while on the run.

Su is said to have acquired nearly US$70 million in London real estate between July and September 2023.

One week after the August 2023 raids in Singapore, Su bought nine apartments in St James’s Park valued at US$27 million.

He later purchased three Jurassic-era dinosaur skeletons for £12.4 million (S$21.3 million) at a December 2024 auction.

On 7 November, Britain’s National Crime Agency confirmed it had seized Su’s assets following a settlement.

The assets seized included the nine St James’s Park properties.

Property deeds reviewed by The Straits Times and OCCRP indicate that Xu purchased 16 London units worth about US$42.6 million.

The transactions took place between July and August 2023.

One of the developments is located in Fareham Street near Oxford Street, a major commercial district.

Separately, Hong Kong media outlet HK01 reported that Su invested about HK$1.2 billion (≈US$153 million) in Hong Kong real estate.

Another associate, Su Fuxiang, linked to Su’s New Future group of companies, holds properties worth about HK$350 million (≈US$44.7 million), including five units at Cullinan West and offices at CORE45 in Kwun Tong.

Authorities across multiple jurisdictions continue to coordinate investigations into the fugitives’ overseas holdings.