OCBC sues money laundering suspect for US$15mil

The bank filed a claim against Su Baolin, a Cambodian passport holder, last month, seeking about S$19.7mil (US$14.7mil) mostly from a residential mortgage, according to legal documents seen by Bloomberg. — Bloomberg

SINGAPORE: Oversea-Chinese Banking Corp (OCBC) has sued a suspect involved in Singapore’s biggest money laundering case, marking the first known case of a lender in the city-state taking action to recover losses.

South-East Asia’s second-largest bank filed a claim against Su Baolin, a Cambodian passport holder, last month, seeking about S$19.7mil (US$14.7mil) mostly from a residential mortgage, according to legal documents seen by Bloomberg. The hearing date was fixed for yesterday.