UOB Wins $17.7m in Civil Suit Against Condo Developer Over Inflated Loans

Bank Suffered Losses After Financing 38 Units in Marina Collection Based on Higher Prices

- Joyce Lim

UOB has been awarded $17.7 million in claims against Indonesian developer Lippo Marina Collection (LMC) and two property agents, Mr Goh Buck Lim and Ms Aurellia Ho, in a long-running civil suit that began in 2014.

The High Court's assessment of the damages dated June 30, 2025, follows a key ruling by the Appellate Division of the High Court which in 2022 overturned an earlier judgment and found LMC, a unit of Lippo Group, liable for conspiring with the property agents to mislead the bank into disbursing inflated housing loans.

The police commenced investigations into LMC following the October 2022 court ruling.

The court noted that the conspiracy caused UOB to suffer substantial losses after it financed more than 100 per cent of the purchase prices of 38 condo units in Marina Collection, a high-end waterfront residential enclave developed and sold by LMC.

UOB had granted approximately $182 million in home loans between December 2011 and September 2013 to the purported purchasers of the 38 units, all of whom defaulted on their loans by April 2015.

UOB, represented by a legal team led by Mr Eddee Ng of Tan Kok Quan Partnership, had sought to recover $92 million in losses.