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OCBC sues for $19.7 million recovery and villa repossession
OCBC sues for $19.7 million recovery and villa repossession By Investing.com
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EditorAmbhini AishwaryaStock Markets
Published Dec 01, 2023 07:31AM ET
© Reuters.
SINGAPORE – OCBC Bank has initiated legal proceedings against Cambodian national Su Baolin, seeking the recovery of at least $19.7 million in unpaid housing loans and credit card debts, as well as the repossession of his sea-facing Sentosa Cove villa. The legal action, which was first lodged on October 25, is part of a broader case involving Su, who is accused of a $2.8 billion money laundering scandal.
The High Court of Singapore is set to address OCBC’s mortgagee claim in a chamber hearing today, as Su faces allegations of forging bank documents to deceive Citibank and Standard Chartered (OTC:SCBFF). The scandal has led to the seizure or restriction on disposal of Su’s assets worth about $99 million. These assets include six vehicles, seven properties, and the Sentosa Cove property, which is currently under construction with completion expected by the second quarter of 2025.
Su Baolin, who was arrested in August, purchased the unfinished Sentosa Cove residence for over $39.33 million in March 2021, with the Building and Construction Authority authorizing its construction. However, the property is non-habitable at present and is one of the assets frozen by the authorities.
The legal tussle comes amid Su’s health concerns, which include a serious heart condition and a high risk of gastric cancer. These health issues have led to the postponement of his bail review, originally scheduled for November 15. The next court appearance for Su’s bail hearing is set for December 15.
OCBC’s legal action is represented by Hin Tat Augustine & Partners and marks an escalation in the efforts to recover the substantial funds owed by Su Baolin.
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OCBC sues for $19.7 million recovery and villa repossession
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