Prosecutors say ‘Singapore Solution’ hid $60m in assets
A court in New York City, the US, September 24 2021. Picture: REUTERS/ANGUS MORDANT
Privatbank relationship manager Peter Ruegg was arrested in Spain in August, prosecutors said. A sixth individual, Roderic Sage, was charged with acting as the CEO of a Hong Kong firm that created shell entities used to hide the taxpayer’s identities. Prosecutors said Client-1’s funds were held in the name of a Liechtenstein foundation to conceal the connection to his family, and that his account also held shares in a “relatively illiquid” hedge fund that he operated.
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