Background on the Tradenation and Tradeluxury Case
In Singapore, four customers involved with Tradenation and Tradeluxury, companies accused of not delivering luxury goods despite full payments, have been unsuccessful in their attempt to secure the release of $2.84 million seized by the police. This development follows 187 police reports filed against the two companies between May and August 2022, for failing to fulfill orders of luxury watches and bags.
Details of the Business Owners’ Arrest
Pi Jiapeng and Pansuk Siriwipa, the Singaporean and Thai couple running these businesses, fled Singapore on July 4, 2022. They were apprehended in Johor Bahru, Malaysia, and extradited to Singapore on August 11, 2022. Pansuk faces 172 charges, including cheating and fraudulent trading, while Pi is charged with seven counts. The investigation and legal proceedings are ongoing.
Civil Suit Against the Companies
Four customers – Jackson Chng Zhun Teck, Lee Boon Ping, Chang Khang Lee, and Hermen Tan Jen Sen – filed a High Court lawsuit on July 13, 2022, citing breach of contract due to non-delivery of luxury items, seeking the return of $2.1 million paid between January 31 and May 17, 2022. Additional claims were made for resale items. They subsequently obtained a default judgment totaling $2.6 million, plus interests and costs.
Attempts to Release Seized Funds
These customers, under two provisions of the Criminal Procedure Code, sought the release of funds from five assets seized by the Commercial Affairs Department (CAD). This included bank accounts linked to the companies and Pansuk, and the sale proceeds from a Chevrolet Corvette V8 purchased by Pi.
Prosecution and Court’s Stance
The prosecution opposed the release, stating that the bank accounts were seized before the judgment was obtained and that the funds might be traceable to other individuals. The court, led by District Judge Cheng Yuxi, concluded that there was no legal basis to release the funds under the invoked provisions. Judge Cheng acknowledged the customers’ desire to enforce their judgments but highlighted the necessity of balancing police powers in investigation and the potential hardships caused by seizing assets.
Judge Cheng’s ruling emphasized adherence to legislative provisions, denying the release of funds in this particular case, based on the timings and circumstances of the seizure and application. This decision underlines the complexities involved in cases where seized assets intersect with civil judgments.
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