SINGAPORE: OCBC has filed a number of claims in the High Court for more than S$6 million. The claims relate to foreign nationals with possible ties to the S$3 billion money laundering case that made local and international headlines last year.
The Business Times reported that the bank is seeking around S$2.4 million from Xu Haika and Wu Yamei for two three-bedroom units they had purchased on the 43rd floor of South Beach Residences and for interest on these properties.
Additionally, OCBC is looking to repossess the two units.
Interestingly, one of the foreign nationals found guilty in the money laundering case, Lin Baoying, has a unit in the building, as does Su Yongcan, who was identified as a person of interest to the police.
The authorities have not confirmed whether Wu and Xu are also being investigated.
The Business Times pointed out that according to a 2023 Straits Times report, Xu is connected to Chen Al Len. Chen had put up a firm with ties to the Heng He Group, which has alleged involvement in scams, illegal gambling, and human trafficking.
In addition to the claims against Xu and Wu, OCBC has brought a claim against Hu Chengmei for an outstanding sum of about S$1.2 million for a 14th-floor unit at Gramercy Park.
The Business Times added that at least eight other units in the building belong to Su Haijin, Lin Baoying, and their associates.
Hu Chengmei has ties with Su Haijin, another convict in the money laundering case. The two men are shareholders of Su Zigen Chengmei, a Cambodian company. He was also a shareholder along with Su Haijin at another company called SG-Gree.
Read related: Last foreigner in $3B money laundering scandal deported; S$187 million in assets seized
Money laundering in Singapore
Financial intelligence and analytics tool provider Moody’s recently reported that money laundering events in Singapore increased by a hefty 79 per cent between 2022 and 2023.
Chua Choon Hong, senior director and head of Moody’s financial crime practice group for Asia-Pacific and the Middle East, said that the city-state may be susceptible to higher risks of money laundering, in large part due to Singapore’s high volume of global transactions and its open economy. /TISG