Singapore to Let DBS Sell Properties in First of Record Laundering Haul

Singapore authorities said they may lift orders barring the sale of some properties seized in a S$3 billion ($2.2 billion) money laundering probe, paving the way for the first transactions from the record haul.

More than a dozen shophouses — highly coveted among investors — have been put on the market since December, according to public listings, with DBS Group Holdings Ltd. stepping up efforts to reduce about S$100 million in exposure it has to the scandal. The country’s biggest lender had sought permission to repossess and sell the properties that were used as collateral to get loans from the bank, the Singapore Police Force said on Friday in response to queries from Bloomberg News.