1-12-2023 (SINGAPORE) The Oversea-Chinese Banking Corporation (OCBC) has taken a significant step in Singapore’s largest money laundering case, filing a lawsuit against a key suspect, marking a precedent as the city-state’s first instance of a financial institution actively seeking recovery.
In a legal move last month, Southeast Asia’s second-largest bank lodged a claim against Su Baolin, a holder of a Cambodian passport, seeking approximately S$19.7 million (US$14.7 million). The majority of this sum relates to a residential mortgage, as revealed in legal documents accessed by Bloomberg. The hearing for this case is scheduled for Friday.
Su Baolin is one of ten Chinese-born individuals apprehended in Singapore in August, facing charges related to money laundering and forgery. Presently, he stands accused of two forgery charges.
OCBC, aiming to recoup losses, applied for a court order to seize a property under construction in Sentosa Cove, a private residential enclave situated on an island off Singapore’s mainland. The legal action also entails Su repaying a housing loan amounting to S$19.5 million, along with interest, and settling a credit card debt of approximately S$220,570, as per the lawsuit’s details.
The bank has refrained from commenting on the ongoing lawsuit. An affidavit accompanying the legal proceedings highlights two unsuccessful attempts to deliver the suit to Su, with no response at his registered address.
Despite Su’s detention since the August 15 arrests, no legal representation for him has been listed in the court hearing records. Meanwhile, the Singapore police have seized assets totaling S$99 million, including properties, cash, bank accounts, and cryptocurrencies linked to Su and his spouse. Contact details for both parties remain undisclosed.
The fallout from the August island-wide raid has resulted in the freezing or seizure of more than S$2.8 billion in assets by the police. This includes over 150 properties associated with the ten individuals arrested, causing shockwaves throughout Singapore. The city, often referred to as the “Switzerland of the East” due to its appeal to the wealthy, continues to grapple with the implications of this ongoing scandal.
