Two directors of Capital Asia Investments arrested

[SINGAPORE] Two directors of fund manager Capital Asia Investments have been arrested, said the police and the Monetary Authority of Singapore (MAS) on Monday (Mar 9).

More than S$160 million of assets were seized in an enforcement operation on Mar 5, the authorities added in a joint statement.

Capital Asia Investments was investigated for suspected money laundering offences under the Corruption, Drug Trafficking and Other Serious Crimes Act, as well as suspected failure to comply with various obligations as a licensed capital markets services licence holder under the Financial Services and Markets Act.

MAS has been “reviewing (Capital Asia Investments) and its activities” after receiving information about “possible unlawful activities” by the wealth manager.

A supervisory review by MAS found “serious control failings” in Capital Asia Investments’ compliance with the regulator’s anti-money laundering requirements.

The police had separately received financial intelligence on the “alleged involvement of Capital Asia Investments and its related entities in a transnational money laundering network”.

The wealth manager was in the spotlight in September 2025 for flipping shares of Thai blue-chip counters and other listed firms through a series of complex deals.

In Singapore, the offence of money laundering is punishable with imprisonment of up to 10 years, a fine of up to S$500,000, or both. The punishment for offences under the Financial Services and Markets Act is a fine of up to S$1 million, with further fines for continuing offences, if applicable.

“Singapore takes a serious view of individuals and entities which seek to exploit Singapore’s financial system for money laundering and other criminal activities,” said the police and MAS.

SEE ALSO

Some of Capital Asia Investments’ Thai share deals – which involved an energy giant, a media firm and a diversified holding company – intersected with Cambodian tycoon Yim Leak, whose family is tied to former premier Hun Sen.

Yim Leak chairs the BIC Group, a conglomerate with interests in banking and real estate; he has also recently come under fire from Thai authorities.

Just last month, the Thai Anti-Money Laundering Office seized over 13 billion baht (S$500 million) in assets linked to a network allegedly led by him, accusing it of laundering proceeds from cyberscams through the Thai stock market – specifically targeting the very energy and media firms Capital Asia Investments had been buying.

Thai media reported that Yim Leak and his wife had denied involvement in the money laundering network through a statement by Bangkok-based law firm Dentons Pisut.