S$3 billion money laundering case in S'pore: Auction for 7 properties ends with no sale
The firm conducting the auction is waiting for directions from the authorities on what to do next.
Seven properties linked to a S$3 billion money-laundering case in Singapore failed to sell at an auction on September 17, as bids fell short of the required reserve prices. According to The Straits Times, Tan Tee Khoon, head of auction and sales at Knight Frank, stated that their firm would await further instructions on the next steps for the withdrawn properties.
Some of the properties had bids that missed the reserve prices, according to Tan. Knight Frank is awaiting guidance from their appointer, accounting firm Deloitte Singapore, on how to proceed with options such as private treaty talks with bidders or holding another auction round. Around 65 members of the public, including 30 registered bidders, attended the auction at Knight Frank's Ocean Financial Centre office. The auction began around 2:40pm.
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