UBS, ICBC and Bank of China did not immediately respond to Bloomberg News’ request for comment.
UBS Group AG and two major Chinese lenders have been drawn into one of Singapore’s largest money laundering cases, as a police affidavit showed that an alleged fugitive involved had stashed millions at the banks.
Wang Dehai, who is also wanted in China for illegal online gambling activities, kept HK$53 million ($9.3 million) and US$500,000 ($686,897.50) with UBS, Industrial & Commercial Bank of China Ltd and Bank of China Ltd. in Hong Kong, according to a court document seen by Bloomberg News after a bail hearing for Wang Wednesday.
