UOB is seeking to get $92 million from Indonesian developer Lippo Marina Collection (LMC) over losses incurred from disbursing approximately $182 million in inflated home loans.
The Appellate Division of the High Court had in October 2022 overturned an earlier decision, finding LMC liable for using unlawful means in a conspiracy with real estate agents to sell properties to be financed by UOB.
A three-day hearing that started on Jan 29 is focused on determining the amount of losses UOB is entitled to.
The housing loans, granted and disbursed between December 2011 and September 2013, were intended for the purchase of 38 units in Marina Collection, a high-end waterfront residential enclave developed and sold by LMC, a subsidiary of Indonesia's Lippo Group.
UOB, represented by lawyer Eddee Ng of Tan Kok Quan Partnership, is not only seeking to recover the outstanding principal amount of the housing loans but also the cost of funding those loans, expenses related to investigations into the conspiracy, and costs associated with the repossession of the units.
Additionally, UOB aims to quantify its claims by considering what it could have earned from lending the funds to legitimate borrowers, along with statutory interest on the outstanding principal sum of the loans.
The long legal battle started in 2014 and concluded in 2022.
Denne historien er fra January 31, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 31, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Football died' when Klopp joined Red Bull
BERLIN - Jurgen Klopp's decision to join Red Bull as their Global Head of Soccer has sparked strong reactions from many German fans.
ALCARAZ IN 'CRAZY' LOSS TO MACHAC
Spaniard can’t believe opponent’s level after defeat scuppers rematch with Italian Sinner
New arrivals at FIA after high-profile departures
LONDON Formula One's governing body announced two senior appointments after headline departures triggered talk of an exodus from the International Automobile Federation (FIA) led by Emirati Mohammed Ben Sulayem.
OLYMPIC RINGS OF FIRE OVER EIFFEL TOWER
French minister plans to wrest control of landmark from Paris mayor amid logo row
EVEREST CLIMBS TO GROUP 1 HEIGHTS
World’s richest sprint race gains recognition at its eighth running, as well as All-Star Mile
Heat stress Different work conditions require flexible guidelines on workers' attire
We thank Mr Rahul Gupta for his suggestions (Study standard heat-friendly work clothes for outdoor workers, Oct 8).
Airbus deliveries drop as suppliers struggle
PARIS Airbus deliveries fell 9 per cent in September to 50 jets compared with the same month in 2023, the European planemaker said on Oct 9, rekindling a debate over the strength of its industrial goals as suppliers struggle to keep up with demand.
Mental health ambassadors at all PAP branches by 2025
By 2025, all 93 People's Action Party (PAP) branches will have mental health ambassadors to promote mental well-being in every neighbourhood and support the work of MPs in addressing residents' mental health concerns.
Zelensky says there is 'real chance' to end war in 2025
He did not reveal how this could happen but is counting on support from key allies
Prabowo defends plan to expand government with ‘fat' Cabinet
JAKARTA Indonesia's Presidentelect Prabowo Subianto has defended his plan to expand government agencies, saying it is needed for a strong administration even if critics call it a \"fat\" Cabinet that will bloat the bureaucracy.
