Seizure of Valuable Dinosaur Skeletons and Luxury Assets
A significant seizure has taken place involving dinosaur skeletons valued at £12.4 million, which were taken from a Singaporean businessman connected to an alleged £2.5 billion money laundering case. The fossils, belonging to two Allosauruses and a Stegosaurus, were acquired by the tycoon Su Binghai at Christie’s auction house in London last year.
The National Crime Agency seized these assets under the Proceeds of Crime Act, along with nine luxury apartments in Westminster worth £18 million each. In addition, eleven Chinese artworks valued at £400,000 were also forfeited, including a floral bowl from the Yongzheng period priced at £151,200.
The case was filed against Binghai, his company Su Empire Limited, and his wife at the High Court in London on Wednesday. Binghai is reportedly at the center of a large-scale money laundering operation in Singapore, which has resulted in the imprisonment and ban of ten foreigners from entering the country.
Binghai and his wife left the country in August 2023. He surrendered assets worth over £240 million, including a Rolls-Royce Phantom, a Rolls-Royce Cullinan, a Ferrari F8 Spider, and a Ferrari Stradale, as reported by The Strait Times.
Binghai’s driver, Liew Yik Kit, was sentenced to three months in prison in June after admitting to lying to police about his boss’s supercars. The dinosaur skeletons, which are approximately 150 million years old, were purchased at auction for £12.4 million last year. Christie’s released images of the fossils, which resembled a museum display.
The 11 Chinese artworks recovered in the case were bought at auction in 2022. According to a court order, one quarter of the proceeds from the sale of the seized assets will be transferred to a bank account nominated by Binghai. The Times reported that Binghai was also ordered to pay £343,000 in rental income.
A representative from Christie’s stated: “We have a robust global AML program and, in line with our legal and regulatory obligations, we can confirm that we followed all necessary AML procedures and have fully cooperated with law enforcement.”
Additional Related Cases
Other high-profile cases have emerged involving luxury items seized from individuals involved in financial crimes. These include:
- A series of tempting luxury items beyond supercars being auctioned after being seized from notorious tax fraudsters.
- Claims made in a Norwich court about a museum insider selling treasures through prestigious auction houses.
- The involvement of an elusive Bangkok crime lord in orchestrating a £6.5 million supercar heist, shipping luxury vehicles from the UK to Thailand.
- The opulent lifestyle led by alleged fraudster Bing “Michael” Li before his arrest at the ultra-expensive Crown Towers.
- The case of a high-flying executive who nearly escaped with $2.7 million spent on art and jewels.