Singapore’s first bank-led legal action seeks to recover substantial mortgage and credit card debts tied to a major financial scandal.
SINGAPORE: Oversea-Chinese Banking Corporation (OCBC) has initiated a groundbreaking lawsuit against Su Baolin, a suspect in Singapore’s high-profile money laundering case, seeking to recover $19.7 million. This marks the first instance of a financial institution in the city-state taking legal action to reclaim losses from such a case.
Su, a Cambodian passport holder, is among ten Chinese-born individuals arrested in August for charges including money laundering and forgery. Currently, he faces two forgery charges. OCBC’s lawsuit, filed last month, focuses on a $19.5 million residential mortgage alongside $220,570 in credit card debt, as detailed in legal documents reviewed by Bloomberg. A court hearing is scheduled for this Friday, as reported by The Edge Singapore.
The bank is also seeking a court order to seize a Sentosa Cove property under construction—a high-end residential area on an island off Singapore’s mainland. Efforts to serve Su with legal documents have reportedly failed twice, as there was no response at his registered address.
Despite being in remand since mid-August, Su has not listed any legal representation in court. Authorities have frozen or seized assets totaling $99 million linked to Su and his wife, encompassing properties, cash, bank accounts, and cryptocurrencies.
An Ongoing Financial Scandal
The wider money laundering investigation has seen Singapore police freeze or seize over $2.8 billion in assets, including more than 150 properties connected to the ten accused individuals. These sweeping raids and asset seizures have shocked Singapore, a global financial hub often lauded for its robust regulatory framework.
Dubbed the “Switzerland of the East” for its reputation as a haven for the wealthy, Singapore’s image as a financial stronghold faces scrutiny as this scandal unfolds. OCBC’s legal action underscores the heightened vigilance and legal measures being employed to address the fallout from this unprecedented case.
