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UOB v Lippo Marina Collection lawsuit
UOB loses case against developer
Bank sought to recover damages, losses over $182m in inflated home loans
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The legal tussle involves home loans disbursed by UOB to the purported purchasers of 38 units at the Marina Collection - a Sentosa Cove condominium developed and sold by Lippo Marina Collection. The bank alleged that LMC and two other defendants had been involved in a conspiracy that saw the developer giving substantial "furniture rebates" of up to 34 per cent.
PHOTO: CHONG JUN LIANG
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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 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.
