OCBC to recover more than $20 million from selling Sentosa Cove plot linked to money laundering probe

The Straits Times07-17

SINGAPORE - OCBC Bank has accepted an offer of more than $20 million for a plot of land in Sentosa Cove that once belonged to Cambodian money launderer Su Baolin, after two attempts to auction the ...

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The court ruled in the bank’s favour on Jan 5, 2024.Su’s 19,550 sq ft plot at 69 Ocean Drive had been put on the auction block twice by OCBC, which had been owed about $19.7 million in housing loan and credit card debts. Including interest, Su’s debts exceeded $20 million as at April 15.It was earlier reported that police seized about $99 million worth of assets in properties, cash, bank accounts and cryptocurrencies in the names ofSuand his wife.Untangling the complex web behind S’por","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0261945553.USD":"FIDELITY ASEAN \"A\" ACC","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0955623706.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) ACC","LU0737861269.HKD":"FIDELITY ASEAN \"A \" (HKD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0955648018.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) INC MF","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","SG9999006266.SGD":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","SGXZ27511609.SGD":"NIKKO AM SINGAPORE DIVIDEND EQUITY \"SGD\" (SGD) ACC","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","SG9999001127.SGD":"United Singapore Growth Fund SGD","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK6112":"综合性银行","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","BK6516":"银行与投资服务概念","BK6523":"ESG概念","LU0048573645.USD":"富达东盟基金","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","SGXZ24219693.SGD":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) INC","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","O39.SI":"华侨银行","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","SG9999002679.SGD":"LionGlobal Singapore Balanced SGD","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","SG9999001689.USD":"施罗德亚洲成长股票","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","SG9999001135.SGD":"United ASEAN Fund SGD","LU1634259391.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H"},"translate_title":"华侨银行将从出售与洗钱调查有关的圣淘沙湾地块中追回超过2000万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"O39.SI":1},"content_text":"SINGAPORE - OCBC Bank has accepted an offer of more than $20 million for a plot of land in Sentosa Cove that once belonged to Cambodian money launderer Su Baolin, after two attempts to auction the property.\nSu, one of the 10 foreigners implicated in a $3 billion money laundering probe, had owed the bank more than $20 million in housing loan and credit card debts.\nST earlier reported that OCBC took legal action to recover the overdue home loan through the sale of Su’s 69 Ocean Drive property in August 2023. The court ruled in the bank’s favour on Jan 5, 2024.\n\n\n\nAn OCBC spokesperson told The Straits Times on July 17 that the bank had “accepted an offer for 69 Ocean Drive via private treaty. Upon the completion of the sale, all overdue loans will be recovered”.\nOCBC declined to comment about the offer and buyer’s identity.\nST understands that an option to purchase was signed on July 17 between OCBC and the buyer.\n\n\n\nSu’s 19,550 sq ft plot at 69 Ocean Drive had been put on the auction block twice by OCBC, which had been owed about $19.7 million in housing loan and credit card debts. Including interest, Su’s debts exceeded $20 million as at April 15.\n\nAt the first auction on April 24, 2024, a sole counter-offer of $20 million was submitted for the 99-year leasehold site, which had been advertised at a guide price of $27.1 million, or $1,386 psf.\nThe offer was not accepted by OCBC, and the property was withdrawn because the guide price was not met.\nNo bids were submitted at the second auction on May 21 despite a lower opening price of $26.5 million, or $1,355 per sq foot (psf).\nSu, 42, who was arrested on Aug 15, 2023, and faced 13 charges related to forgery, fraud and money laundering, was sentenced to 14 months’ jail after forfeiting about $65 million, or 90 per cent, of his seized assets. He has since been deported.\nIt was earlier reported that police seized about $99 million worth of assets in properties, cash, bank accounts and cryptocurrencies in the names of Su and his wife.\nThe parcel, located at the northern tip of Sentosa Cove, had housed one of the few sea-facing bungalows in Sentosa Cove with a land area exceeding 18,000 sq ft.\nIt has a 99-year leasehold tenure from July 2005, and offers unblocked views of the sea and the Central Business District.\n\n\n\n\n\nMore On This Topic\n\n \n\nMoney laundering suspect's link to Sentosa: He frequented golf club, owned homes on island\n\n\n\n \n\nUntangling the complex web behind S’pore’s biggest money laundering case","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452169761"}