The potential for corruption in this case is huge. By using all these nominee companies and trust, and hiding the real owners from scrutiny, it begs the question of the following scenario:
Lets say Shan's house is really worth $50 million. But some one wants to start a big business in singapore, or get a big legal case go his way., or something like that. He goes to Shan and says, take care of my legal problem, or make sure I get this contract or make sure I am granted this license. Shan says sure, it will cost u $38 million. No problem, the guy says. U sell me your $50 million house for $88 million, and there u have your $38 million. In the meantime, no one will know its me because i use a trust to buy it. U see how the potential for corruption is when there is no transparency?