Source of article: The Straits Times

My post on LinkedIn can be seen here.

In summary:

What is the duty that a mortgagee bank owes to the mortgagor when the bank exercises its power of sale?
Cambodian national Su Baolin – one of the 10 persons arrested and charged by the Singapore authorities in the SGD 3 billion money laundering saga – defaulted on a loan of more than SGD 20 million owed to OCBC Bank.
Su mortgaged to the bank a 19,550 sq ft plot of land at 69 Ocean Drive as security for the loan.
The bank sued Su for the loan default and obtained judgment in its favour.
The bank has conducted 2 auctions to try and sell the mortgaged property to recover the defaulted loan monies. There were however no takers at the guide price that was set by the Bank. There has only been one bid which was below the guide price.
Does the bank have a duty to sell the mortgaged property at a price within the guide price?
I gave my views to senior correspondent of the Singapore Straits Times, Ms Grace Leong, in the attached story published on 22 May 2024.

Follow me on LinkedIn or visit my profile.