SINGAPORE – United Overseas Bank (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 millions in inflated home loans.
High Court judge Aedit Abdullah on Monday (June 28) 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.
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