UOB $181m lawsuit against developer and 7 others begins

It is accusing subsidiary of Lippo over inflating property prices to get higher loans for condo buyers

The loans granted and disbursed between December 2011 and September 2013 were for the purchases of 38 units in the Marina Collection developed and sold by LMC.
The loans granted and disbursed between December 2011 and September 2013 were for the purchases of 38 units in the Marina Collection developed and sold by LMC.PHOTO: LIPPO

A $181 million lawsuit filed by United Overseas Bank (UOB) against developer Lippo Marina Collection (LMC) and seven individuals went to trial this week.

UOB which commenced legal proceedings in 2015, is accusing the subsidiary of Indonesia's Lippo Group of being involved in a conspiracy with seven individuals to get inflated housing loans to buyers of condominium units, and is seeking damages and costs.

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A version of this article appeared in the print edition of The Straits Times on November 20, 2020, with the headline 'UOB $181m lawsuit against developer and 7 others begins'. Print Edition | Subscribe