UOB $181m lawsuit against Lippo unit, 7 others over alleged conspiracy to get higher loans for condo buyers begins
SINGAPORE – A $181 million lawsuit filed by United Overseas Bank (UOB) against developer Lippo Marina Collection (LMC) and seven individuals went to trial this week.
UOB which commenced legal proceedings in 2015, is accusing the subsidiary of Indonesia’s Lippo Group of being involved in a conspiracy with seven individuals to get inflated housing loans to buyers of condominium units, and is seeking damages and costs.
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