A High Court judge in October 2023 refused bail for Vang, saying there was a risk of Vang absconding as he had obtained passports from Turkey, Vanuatu and Cambodia.Vang, 42, also known as Wang Shuiming, allegedly submitted forged financial statements from two companies – Xiamen Yetian Trading and Xiamen Likanghang Trading – to Bank Julius Baer & Co’s Singapore branch on July 19, 2022, as supporting documentation.
A police prosecutor said he did not have information on the matter, to which Mr Wong replied that he would bring up the issue to the courts at a later hearing. The Commercial Affairs Department’s lead investigation officer for the case said this showed Vang had connections outside, which made him a high flight risk.
Assets worth more than $240 million in the name of Vang and his wife have been seized or are subject to prohibition orders in Singapore. Vang also has more than $35.5 million in assets abroad.The Straits Times reported in October 2023 that Rainbow Centre, the operator of three special education schools, acknowledged it had received donations from Vang and two of the 10 charged.