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UOB will 'recover in full' Sentosa condo bad debts: CFO
UNITED Overseas Bank (UOB) will "recover in full" the Sentosa condo bad debts, said chief financial officer Lee Wai Fai on Friday.
Mr Lee, who was speaking at a press briefing following the bank's Q4 results presentation, did not elaborate.
UOB is suing a Lippo Group subsidiary (the first defendant) and seven individuals for allegedly misleading the bank into granting inflated housing loans for 38 condo units at Marina Collection (MC) in Sentosa between late 2011 and July 2013.
The bank is suing to recover S$181 million.
Of the 38 units, 37 have defaulted. Two buyers have since admitted to the bank that their purchases of the units were not genuine, UOB claims.