Singapore’s headline money laundering scandal has seen the first bank go after a suspect. Local «Big 3» lender OCBC is reportedly suing one of the ten arrested individuals.
Oversea-Chinese Banking Corporation (OCBC) has sued money laundering suspect Su Baolin, according to a «Bloomberg» report citing legal documents. The bank is seeking to seize a mortgaged property under construction in the city-state, alongside S$19.7 million ($14.7 million) from a housing loan, plus interest, and around S$220,570 in credit card debt.
Su is a Cambodian passport holder and one of the 10 Chinese-born individuals arrested in August over alleged money laundering and forgery offenses. He is specifically facing two forgery charges so far and around S$99 million of assets under his name and the name of his wife have been seized. In total, more than S$2.8 billion of assets have been frozen or seized from the case.
A court hearing for the case has been scheduled for December 1. Su has been held in remand since his arrest on August 15.
