OCBC sues suspect in SG money laundering case for $19.7M

SINGAPORE: Oversea-Chinese Banking Corp., OCBC sues suspect of Singapore money laundering case for $19.7 million. This is the first known case of a financial institution in the city-state taking legal action to recover losses.

Su Baolin, a Cambodian passport holder, is one of the ten Chinese-born individuals apprehended in Singapore back in August on charges ranging from money laundering to forgery. Presently, he faces two forgery charges. The lawsuit, filed last month, seeks approximately $19.7 million from Su, primarily related to a residential mortgage, according to legal documents reviewed by Bloomberg. The hearing for this case is scheduled for this Friday, The Edge Singapore reports.

OCBC has sought a court order to seize property under construction at Sentosa Cove, a private residential area on an island off Singapore’s mainland. The legal documents also reveal that Su has been instructed to repay a housing loan amounting to $19.5 million and interest and settle approximately $220,570 in credit card debt.

When approached for comment on the ongoing lawsuit, the bank declined to provide any statements. An affidavit accompanying the legal documents indicated two unsuccessful attempts to serve Su, as there was no response at his registered mailing address.

Despite Su being in remand since the arrest in mid-August, no legal representation has been listed for him in the court hearing schedule. Furthermore, Singapore police have confiscated assets worth around $99 million, including properties, cash, bank accounts, and cryptocurrencies associated with Su and his wife. Unfortunately, contact details for both parties are not publicly available.

Since the widespread raids in August, the police have frozen or seized over $2.8 billion in assets, encompassing more than 150 properties linked to the ten arrested individuals. This ongoing scandal has sent shockwaves across Singapore, a global financial hub often referred to as the “Switzerland of the East” due to its appeal to the wealthy. /TISG