DBS could reportedly be able to sell properties linked to the anti-money laundering blitz resulting in over $2 billion of seized assets.
DBS has sought permission to repossess and sell properties that were used as collateral by individuals linked to the recent headline money laundering case to obtain loans, according to a «Bloomberg» report citing a police statement.
«The police will lift the prohibition of disposal order against the properties, for DBS to exercise its contractual rights when we are satisfied that the sale is conducted fairly,» said the Singapore Police Force (SPF).
Sales Efforts
According to the SPF, net sale proceeds after repayment of loans and relevant fees would be seized following the completion of the sale. Thereafter, the funds will be dealt with by the courts as part of the ongoing case.
«We are basically foreclosing and trying to sell the property [by appointing receivers to do so],» said DBS CEO Piyush Gupta earlier this week during the bank’s earnings briefing. «Once they sell the property, we can get our money back, that’s all that’s happening.»
