* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, June 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

OCBC Marketing Sentosa Site to Recover Losses From $2.2B Money Laundering Case

April 16, 2024
in Technology
OCBC Marketing Sentosa Site to Recover Losses From $2.2B Money Laundering Case
Share on FacebookShare on Twitter

69 Ocean Drive is among the few seafront sites in Sentosa Cove

69 Ocean Drive is among the few seafront sites available in Sentosa Cove (Image: Edmund Tie)

Oversea-Chinese Banking Corp (OCBC) is putting up for sale a residential plot on Singapore’s Sentosa island, after repossessing the property from a suspect arrested in the city-state’s S$3 billion ($2.2 billion) money-laundering case.

OCBC has appointed Edmund Tie to manage an auction of the 19,550 square foot (1,816 square metre) seafront plot at 69 Ocean Drive with a guide price of S$27.1 million, the property agency confirmed to Mingtiandi on Tuesday. The auction for the seized site will be held on 24 April.

The bank is launching the sale, which was first reported by the Straits Times, in an effort to recover a reported S$20 million in outstanding debt incurred by Su Baolin, who was among 10 mainland Chinese arrested in August of last year on charges of money laundering and forgery. As of January, the police revealed that it had either seized or frozen assets worth S$3 billion in the case.

“We commenced the legal process to recover the overdue home loan through the sale of the residential property at 69 Ocean Drive early in August 2023. With the court judgement speedily obtained in OCBC’s favour on 5th January 2024,” the bank said in an e-mailed statement on Tuesday. “Thereafter, the repossession and sale of the property is currently in motion.”

Shovel-Ready Project

Prior to the asset seizure, Su had obtained approval from the Urban Redevelopment Authority (URA) in 2022 to build a two-storey detached house on the Sentosa Cove site spanning 9,775 square feet with a swimming pool, although the plot remains undeveloped.

Su Baolin

Su Baolin and nine others were arrested by Singapore police last August

The guide price for the tender works out to S$1,386 per square of site area, representing a 31 percent markdown from the S$39.33 million, or S$2,012 per square foot, which Su had reportedly paid in March 2021 to acquire a villa on the plot, which he later demolished.

Based on a Business Times account at the time he acquired the property, Su had Cambodian citizenship and was from Xiamen in China’s Fujian province.

Joy Tan, Edmund Tie’s head of auction and sales, said the plot is ready for immediate construction and future development would benefit from unobstructed views of the sea and the central business district. The rectangular site has 39 metres of waterfront.

“The successful bidder can consider either to construct a sizeable villa or to seek approval from both Sentosa Development Corporation (SDC) and the relevant authorities on land division to build two smaller detached houses,” Tan told Mingtiandi on Tuesday.

Sentosa site

The Sentosa site is ready for a new home (Image: Edmund Tie)

Home to oceanfront villas, mansions and luxury condominiums, Sentosa Cove is the only place in Singapore where foreigners can buy landed homes without needing approval from regulators.

Loss Recovery Efforts

Citing court documents, Bloomberg reported in December that OCBC had filed a claim to recover outstanding debt of S$19.7 million from Su, including S$19.5 billion owed on a housing loan and over S$220,000 in credit card debt.

The bank at that time asked for the court’s permission to seize the mortgaged Sentosa Cove site.

Su was arrested in August of last year with nine other suspects in his good class bungalow on posh Nassim Road where police seized more than S$777,000 in cash, 33 luxury bags and watches as well as 75 pieces of jewellery.

Authorities also issued prohibition of disposal orders for seven properties and six vehicles linked to the suspects, effectively freezing more than S$76 million in assets. Su is currently facing a total of 10 charges, including using forged documents to cheat banks, according to local media.

Before OCBC put together its tender for the Sentosa Cove site, its competitor, DBS in December last year began marketing for sale more than a dozen of shophouses linked to the suspects, with Bloomberg reporting in February that the bank is working with receivers to recover losses of around S$100 million as a result of the money laundering incident.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/finance/ocbc-marketing-sentosa-site-to-recover-losses-from-2-2b-money-laundering-case/

Tags: MarketingSentosatechnology
Previous Post

Keppel DC REIT Selling Aussie Data Centres to Sovereign-Minded Macquarie for $112M

Next Post

Top-5: Connor McDavid’s 100th assist of the season

Opinion: American Science Is in a Nosedive – and We’re All on Board – The Austin Chronicle

Opinion: American Science Is in a Nosedive – and We’re All on Board

June 27, 2025

Food contact articles as source of micro- and nanoplastics: a systematic evidence map | npj Science of Food – Nature

June 27, 2025
Michelle Dee is featured in Pride Month issue of digital lifestyle magazine – GMA Network

Michelle Dee is featured in Pride Month issue of digital lifestyle magazine – GMA Network

June 27, 2025
These are the best airlines of 2025 – and no US carrier made the list. Here’s why. – USA Today

These are the best airlines of 2025 – and no US carrier made the list. Here’s why. – USA Today

June 27, 2025
Britain’s industrial strategy is unlikely to boost its economy – The Economist

Britain’s industrial strategy is unlikely to boost its economy – The Economist

June 27, 2025
Ashley Jensen joins Superior Clinic to practice family medicine – Essentia Health

Ashley Jensen Joins Superior Clinic to Deliver Expert Family Medicine Care

June 27, 2025
Heads of state and political leaders gather at ‘Summer Davos’. Here’s what they are saying – The World Economic Forum

Heads of state and political leaders gather at ‘Summer Davos’. Here’s what they are saying – The World Economic Forum

June 27, 2025
St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

June 27, 2025
NBA Draft 2025: Did the Hornets reach for Kon Knueppel? And why the Spurs did the right thing with Dylan Harper – Yahoo Sports

NBA Draft 2025: Did the Hornets Overreach for Kon Knueppel? Why the Spurs’ Pick of Dylan Harper Was a Brilliant Move

June 27, 2025
Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

June 27, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (699)
  • Economy (720)
  • Entertainment (21,613)
  • General (15,593)
  • Health (9,759)
  • Lifestyle (725)
  • News (22,149)
  • People (722)
  • Politics (727)
  • Science (15,937)
  • Sports (21,216)
  • Technology (15,704)
  • World (700)

Recent News

Opinion: American Science Is in a Nosedive – and We’re All on Board – The Austin Chronicle

Opinion: American Science Is in a Nosedive – and We’re All on Board

June 27, 2025

Food contact articles as source of micro- and nanoplastics: a systematic evidence map | npj Science of Food – Nature

June 27, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version