UOB v Lippo Marina Collection: Court quadruples damages awarded to bank to S$76.1 million
The bank was deceived into disbursing higher housing loans between 2011 and 2013
The Appellate Division of the High Court has quadrupled the damages awarded to UOB in its case against developer Lippo Marina Collection, raising the sum from S$17.7 million to S$76.1 million. The case concerned fraudulent inflated prices of condominium units that led to UOB disbursing higher housing loans between 2011 and 2013.
Justice Woo Bih Li, who sat on the three-judge panel, found that UOB was not liable for any surplus that could have been used to pay the excess loans, as Lippo was only responsible for the excess amount. Consequently, S$35.9 million was restored to the damages award, increasing the total to S$76.1 million. This amount includes 5.33% annual interest on the additional damages from November 2014 to August 2026.
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- UOB’s loan fraud damages against Lippo Marina Collection quadruple to S$76.1 million businesstimes.com.sg
