Authorities seize $39m from building sale linked to scam probe

SINGAPORE – A 32,000 sq ft commercial building linked to Cambodia’s Prince Group has been taken over by a local automotive firm in a private deal, but proceeds from the sale have been seized by the authorities. The Straits Times understands that 2 Jalan Kilang Barat, located in the Bukit Merah vicinity, changed hands for $39 million in a deal brokered in June and completed in September. The buyer is Jackspeed Holdings – a regional automotive company involved in motor financing, retail, leasing insurance and leather upholstery for motor vehicles and aircraft. The 99-year lease for the property has at…