OCBC sues money laundering suspect for $19.7m
OCBC has filed a claim in Singapore's High Court seeking at least $19.7 million from money laundering accused Su Baolin, as well as possession of his mortgaged Sentosa Cove villa.
The bank filed a mortgagee’s claim against the Cambodian national on Oct 25, according to court documents seen by The Business Times. The claim was scheduled for a hearing in chambers on Dec 1.
Su, 42, is one of 10 individuals accused in a $2.8 billion money laundering case. He currently faces two charges related to forging bank documents with the intention to cheat Citibank and Standard Chartered.
About $99 million of assets under his name and his wife’s have been seized or issued with prohibition of disposal orders by the Commercial Affairs Department, including seven properties, six vehicles and money in cash and bank accounts.
According to court documents, Su paid for the Sentosa Cove property with a housing loan and two credit cards.
OCBC claims that he owed up to $19.5 million as at Oct 25. The sum includes interest at 9.75 per cent per annum. The interest rate is 4.75 percentage points above OCBC's prime lending rate of 5 per cent, with monthly rests, from Oct 26 to the date of full payment.
Late payment of $80 per month until the date of full payment will also be added to the amount.
OCBC is also seeking sums of $19,811.53 and $200,758.53 as at Oct 25 in respect of two credit cards. Both cards have a rate of 27.78 per cent per annum from Oct 26 to the date of full payment, said the court order.
In addition, the bank is seeking the court order to possess 69 Ocean Drive – the sea-facing Sentosa Cove villa owned by Su.
The Ocean Drive property is under construction and not habitable, according to an affidavit filed by a representative of Hin Tat Augustine & Partners, OCBC's solicitors.
Su had submitted plans to build a two-storey detached house with a swimming pool, before his arrest in August, and was granted a permit to carry out building works by the Building and Construction Authority in May. The project was expected to be completed in 2025.
Su will return to court on Dec 15 for a bail review.
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