Singapore Arrests Capital Asia Investments Directors and Seizes Over S$160 Million

Singapore police have arrested two directors of fund manager Capital Asia Investments and seized more than S$160 million from bank and securities accounts.

The Commercial Affairs Department and Monetary Authority of Singapore are investigating suspected money laundering offences and possible failures to meet obligations imposed on licensed capital-markets firms.

Authorities said the operation followed information concerning possible unlawful activity at the wealth manager. The arrests and seizures are investigative measures; no conviction has been announced.

Sources: The Business Times; Asia Asset Management.