Singapore 3rd Largest Bank $48 Billion UOB Awarded $13.7 Million (S$17.7 Million) by Singapore Court for Incurring Losses from Disbursing $141 Million (S$182 Million) of Inflated Housing Loans (38 Condominium Units in Marina Collection at Sentosa Cove) from 2011 to 2013 with All Borrowers Defaulting on the Loans by 2015, Indonesia Billionaire Mochtar Riady Lippo Group Unit LMC Found Liable by Singapore High Court for Conspiring with Property Agents (Furniture Rebates of 22% to 34%) to Mislead UOB Which is Claiming for S$92 Million in Losses But Singapore Court Recognized S$53 Million in Claims of Which UOB Had Received S$37.2 Million via Repayments & Rental Income, Singapore Court Ruled UOB Need Not Sell the Units in Softening Market, UOB Intends to Appeal Singapore Court Decision
19th July | Hong Kong
Singapore 3rd largest bank UOB ($48 billion market value) has been awarded $13.7 million (S$17.7 million) by a Singapore Court for incurring losses from disbursing $141 million (S$182 million) of inflated housing loans (38 condominium units in Marina Collection at Sentosa Cove) from 2011 to 2013, with all borrowers defaulting on the loans by 2015. Indonesia billionaire Mochtar Riady Lippo Group unit LMC was found liable by Singapore High Court for conspiring with property agents (via furniture rebates of 22% to 34%) to mislead UOB, which is claiming for S$92 million in losses but Singapore Court recognized S$53 million in claims (of which UOB had received S$37.2 million via repayments & rental income). Singapore Court had ruled UOB need not sell the units in softening market. UOB intends to appeal the Singapore Court decision.
“ Singapore 3rd Largest Bank $48 Billion UOB Awarded $13.7 Million (S$17.7 Million) by Singapore Court for Incurring Losses from Disbursing $141 Million (S$182 Million) of Inflated Housing Loans (38 Condominium Units in Marina Collection at Sentosa Cove) from 2011 to 2013 with All Borrowers Defaulting on the Loans by 2015, Indonesia Billionaire Mochtar Riady Lippo Group Unit LMC Found Liable by Singapore High Court for Conspiring with Property Agents (Furniture Rebates of 22% to 34%) to Mislead UOB Which is Claiming for S$92 Million in Losses But Singapore Court Recognized S$53 Million in Claims of Which UOB Had Received S$37.2 Million via Repayments & Rental Income, Singapore Court Ruled UOB Need Not Sell the Units in Softening Market, UOB Intends to Appeal Singapore Court Decision “
Singapore 3rd Largest Bank $48 Billion UOB Awarded $13.7 Million (S$17.7 Million) by Singapore Court for Incurring Losses from Disbursing $141 Million (S$182 Million) of Inflated Housing Loans (38 Condominium Units in Marina Collection at Sentosa Cove) from 2011 to 2013 with All Borrowers Defaulting on the Loans by 2015, Indonesia Billionaire Mochtar Riady Lippo Group Unit LMC Found Liable by Singapore High Court for Conspiring with Property Agents (Furniture Rebates of 22% to 34%) to Mislead UOB Which is Claiming for S$92 Million in Losses But Singapore Court Recognized S$53 Million in Claims of Which UOB Had Received S$37.2 Million via Repayments & Rental Income, Singapore Court Ruled UOB Need Not Sell the Units in Softening Market, UOB Intends to Appeal Singapore Court Decision

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