{"id":85778,"date":"2018-04-18T11:00:22","date_gmt":"2018-04-18T04:00:22","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/lawyer-fined-10000-for-failure-to-report-suspicious-property-transaction\/"},"modified":"2018-04-18T11:02:51","modified_gmt":"2018-04-18T04:02:51","slug":"lawyer-fined-10000-for-failure-to-report-suspicious-property-transaction","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lawyer-fined-10000-for-failure-to-report-suspicious-property-transaction\/","title":{"rendered":"Lawyer fined $10,000 for failure to report suspicious property transaction"},"content":{"rendered":"


\nSterling Law Corporation MD Kang Bee Leng suspected that the money used for the Sentosa Cove property purchase was linked to a multi-billion dollar Ponzi scheme.
\nA conveyancing lawyer has been fined $10,000 over her failure to notify the authorities of a suspicious property transaction in Sentosa Cove despite her suspicion that the money for the purchase was linked to a multi-billion dollar Ponzi scheme, reported Channel NewsAsia.
\nSterling Law Corporation managing director Kang Bee Leng pleaded guilty to the charge on Tuesday (17 Apr).
\nMore: Sale Of Sentosa Villa Scrapped After China Buyer Arrested
\nChinese tycoon Zhang Min, who served as president and CEO of Yucheng International Holdings Group, was referred to Kang by property agent Tan Yen in October 2015.
\nFor her $23.8 million purchase of 38 Lakeshore View in Sentosa, Zhang provided Kang with her identification documents, income tax records and payslips through email.
\nZhang paid over $5.4 million towards the acquisition between October and November 2015, including $4.279 million in stamp duties to the Inland Revenue Authority of Singapore, $1.19 million for the Option to Purchase and $12,581 in conveyance fees to Kang\u2019s law firm.
\nOn 12 January 2016, a day before the scheduled completion of the property acquisition, Kang tried to contact Zhang but received no response. Tan, the property agent who referred Zhang, told Kang that her client had been detained in China.
\nA few months later, Kang read that Ezubao, the peer-to-peer lending platform of Zhang\u2019s Yucheng Group, was a Ponzi scheme worth $10.8 billion. Reports revealed that Zhang was also the girlfriend of Yucheng Group chairman Ding Ning, who showered her with lavish gifts including a US$20 million property in Singapore.
\nWhile Kang suspected that the money paid for the property acquisition represented criminal proceeds from the alleged Ponzi scheme, she did not file a Suspicious Transaction Report.
\nFor her failure to flag the suspicious property transaction, Kang could have been fined up to $20,000.
\nMeanwhile, Tan was also charged and is set to appear in court later in the month.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
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Sterling Law Corporation MD Kang Bee Leng suspected that the money used for the Sentosa...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-85778","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-mjw","jetpack-related-posts":[{"id":90612,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ex-property-agent-fined-for-deal-linked-to-10-8b-ponzi-scheme\/","url_meta":{"origin":85778,"position":0},"title":"Ex-property agent fined for deal linked to $10.8b Ponzi scheme","date":"June 6, 2018","format":false,"excerpt":"\r The former agent failed to alert the authorities that his client likely used money obtained from illegal activities to buy a Sentosa Cove bungalow costing $23.8 million. The court has imposed a $10,000 fine on a former property agent for failing to alert the authorities that his client likely\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116103,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/estate-agents-bill-increases-fines-for-errant-estate-agencies-property-agents\/","url_meta":{"origin":85778,"position":1},"title":"Estate Agents Bill increases fines for errant estate agencies, property agents","date":"May 6, 2020","format":false,"excerpt":"\r The new Estate Agents (Amendment) Bill will see the maximum fine increased to $200,000 for real estate agencies and $100,000 for property agents.\u00a0 The Estate Agents (Amendment) Bill, which was passed in Parliament on Tuesday (5 May), raised the maximum fines that could be imposed on errant real estate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","url_meta":{"origin":85778,"position":2},"title":"Home sales in Sentosa Cove reach new record","date":"August 30, 2021","format":false,"excerpt":"\r Home sales in Sentosa Cove reach new recordSome analysts believe the high transaction volumes in Sentosa is a spillover from the growing demand for luxury homes within the Rest of Central Region (RCR), considering that prices on the island remain relatively lower compared to those on the mainland. Sentosa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments-1.jpg?fit=819%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":22468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-bungalow-sales-seen-in-sentosa-cove\/","url_meta":{"origin":85778,"position":3},"title":"More bungalow sales seen in Sentosa Cove","date":"August 10, 2016","format":false,"excerpt":"\r View of waterfront bungalows in Sentosa Cove. Sentosa Cove has witnessed an improvement in bungalow deals lately, with the bulk sale for the 10 remaining bungalows on Pearl Island, one of the district\u2019s five man-made islands, entered into, reported The Business Times. 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Real estate agents expect the healthy sales momentum for bungalows within Sentosa Cove\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/sentosa_cove.original.jpg?fit=840%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/85778"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=85778"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/85778\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=85778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=85778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=85778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}