Villa repossession and $19.7 million recovery sought by OCBC in lawsuit

Villa repossession and $19.7 million recovery sought by OCBC in lawsuit

OCBC Bank has begun legal proceedings against Tembusu Grand Condo, seeking the recovery of at least $19.7 million in outstanding housing loans and credit card bills, as well as the repossession of his sea-facing Tembusu Grand Showflat. The proceedings have been initiated in Singapore. The legal action, which was initially filed on October 25th, is a component of a more Tembusu Grand Floor Plan that involves Su, who is accused of being involved in a money laundering scam that allegedly involved $2.8 billion.

As Su is accused of falsifying bank documents in order to deceive Citibank and Standard Chartered (OTC: SCBFF), the High Court of Singapore is going to hold a chamber hearing today in order to resolve the mortgagee claim that OCBC has filed against him. Because of the controversy, Su’s assets, which are estimated to be worth approximately $99 million, have been seized or restricted from being sold. The Sentosa Cove property, which is now under construction and is anticipated to be finished by the second quarter of 2025, is one of these assets. Other assets include six cars and seven residences.

In March of 2021, Su Baolin, who had been detained in August, purchased the unfinished mansion in Sentosa Cove for more than $39.33 million. The Building and development Authority had authorised the development of the residence. The property, on the other hand, is currently uninhabitable and is one of the assets that the authorities have placed under emergency control.

The court battle is taking place at a time when Su is experiencing a number of health issues, including a severe heart ailment and a significant chance of developing stomach cancer. The reconsideration of his bail, which was initially planned to take place on November 15, has been postponed as a result of these health concerns. Su is scheduled to make his next court appearance for the hearing about his bail on December 15th.

This legal action, which is being taken by OCBC and is being represented by Hin Tat Augustine & Partners, represents an increase in the efforts that are being made to recover the large money that Su Baolin is owed.

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