UOB seeks damages for losses from inflated loans

Point of contention: People walk into the UOB building in Singapore. The bank says it was misled about loans for luxury properties in the Marina Collection development. — AFP

SINGAPORE: UOB is seeking to get S$92mil from Indonesian developer Lippo Marina Collection (LMC) over losses incurred from disbursing approximately S$182mil 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.