Lippo Group is currently awaiting a court verdict on the amount of damages it has to pay UOB after a long legal battle which started in 2014, and the Indonesian company's woes may not be over.
The Straits Times has learnt that police are investigating the group's subsidiary - Lippo Marina Collection (LMC) over alleged fraud stemming from a court ruling in October 2022.
LMC is the developer of Sentosa Cove condominium Marina Collection.
The Appellate Division of the High Court had found LMC liable for using unlawful means in a conspiracy with real estate agents to sell properties financed by UOB.
The conspiracy resulted in UOB losing a large amount of money after it disbursed about $182 million
in inflated home loans, financing more than 100 per cent of the purchase prices of the high-end apartments.
UOB is seeking to get $92 million from LMC, and a three-day hearing was held in January 2024 to determine the amount of damages the bank is entitled to.
Bu hikaye The Straits Times dergisinin February 26, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin February 26, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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