http://johnharding.com/2009/05/09/singapore-haven-for-money-and-fugitives/
Singapore - haven for
money and fugitives
Singapore will be added to the OECD’s list of non-cooperative tax
centers (money haven) by the Organization for Economic Cooperation
and Development (OECD).
The OECD estimates that Singapore has 370 billion dollars in money
haven deposits.
Singapore is not just a
haven for money launderers and tax cheats; it is an
extradition-free country for crooks from nearby countries.
Singapore avoids extradition treaties with its neighboring
countries, so that regional crooks can flee to Singapore - bringing
their money.
The fact that Singapore does not extradite from its neighbors is
illustrated by Singapore’s famous bond trader Nick Leeson whose
US$1.3 billion loses caused the collapse of Barings Bank. To avoid
prosecution, Leeson and his wife decided to flee Singapore.
They left their luxury Singapore apartment on Friday, February
1995, crossed the border into Malaysia and checked into a hotel in
Kuala Lumpur. Twelve hours later, the Leesons traveled to Kota
Kinabalu, a Malaysian resort 750 miles northeast of Singapore,
where they enjoyed themselves until Wednesday.
On Wednesday morning they flew to Brunei. There, they spent the day
in the airport’s departure lounge, and that evening boarded Royal
Brunei Airlines Flight 535 for Frankfurt.
The Leesons were at large, and tracked by Singapore for five full
days in Malaysia and Brunei - neighboring countries. No attempt was
made by Singapore to extradite Nick Leeson, until he reached
Frankfurt, Germany.
Indonesian Defense
Minister Sudarsono accused Singapore this year of not signing an
extradition pact with Indonesia for fear it would be obliged to
return money stashed away by corrupt fugitives who had fled to
Singapore.
“Singapore doesn’t want this extradition arrangement because it
would have to return money from corrupt individuals who ran from
Indonesia, along with the hot money it gets from other countries,”
Sudarsono said. He estimated there were 80 Indonesian fugitives
living in Singapore. When he met with Singapore’s senior minister
Lee Kuan Yew in Jakarta last year, the city state’s founder stated
that it did not make any sense to return the money.
When questioned about the
extradition treaty with Indonesia, Singapore Foreign Minister
George Yeo said, “We set aside the issues for the time
being.” George Yeo recently visited Washington,
where he was honored by Hillary Clinton.
Liem Tek Siong
Indonesian billionaire fugitive, Liem Tek Siong, alias Sjamsul
Nursalim, alias Liem Tjoen Ho, Liem now lives happily in Singapore.
Liem owes US$2.8 billion due to the collapse of his Indonesian
bank.
Free in Singapore, Liem is heavy into the country’s real estate
business with the help of Singapore lawyer, Helen Yeo (the wife of
disgraced former Singapore cabinet member, Yeo Cheow Tong).
Mugabe caught in Shulte's photos
Another person considering asylum in Singapore is Zimbabwean
President Robert Mugabe. On a recent visit to Singapore, Mugabe’s
bodyguards roughed up Fredrik Schulte, a member of Sweden’s
parliament. Mugabe was afraid that he might have caught in a
photographed taken by Shulte.
Singapore is not just a money haven - it is a host to some of the
world’s top fugitives.
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