Market Chatter: OCBC Recovers Loans Tied to Money Laundering Case Following Sale of Seized Sentosa Property

MT Newswires07-18

A vacant plot in Sentosa Cove linked to Singapore's largest money laundering case has been sold via private treaty for over SG$20 million after two failed auctions, The Business Times reported Wednesday.

The 99-year leasehold site was initially listed at SG$26.5 million but did not secure bids at that price, the report said. Oversea-Chinese Banking (SGX:O39) (OCBC), which put the property on sale, confirmed that all overdue loans would be recovered upon completion of the sale.

The plot was among assets seized following an August 2023 raid that uncovered over SG$3 billion in illicit assets, including luxury properties and crypto assets. Banks, including OCBC, are recovering funds from properties tied to the case, the report said.

Su Baolin, one of 10 foreigners arrested, had taken a SG$19.5 million loan from OCBC for the property, accumulating over SG$20 million in debt, according to the report.

Baolin and the other accused have forfeited nearly SG$944.5 million in assets and received jail sentences ranging from 13 to 17 months, the news outlet noted.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (SGD): S$15.13, Change: S$-0.09, Percent Change: -0.59%

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