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Inflated condo loans: UOB loses lawsuit against developer Lippo Marina Collection
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The case involved the 124-unit Marina Collection condominium, which was launched for sale in 2007.
ST PHOTO: CHONG JUN LIANG
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SINGAPORE - UOB has lost the legal battle against Indonesian developer Lippo Marina Collection (LMC) in its bid to recover the losses and damages it suffered from disbursing about $182 million in inflated home loans.
High Court judge Aedit Abdullah on Monday (June 28) dismissed all claims against LMC, a subsidiary of Indonesia's Lippo Group, although the bank succeeded in its allegations of misrepresentations against the second and third defendants - property agents Goh Buck Lim, also known as Rick, and Aurellia Ho.
