UOB loses suit against Lippo but plans to appeal

Singapore

UOB has lost a long-running legal tussle against developer Lippo Marina Collection (LMC), with the Singapore High Court throwing out the bank's claims that Lippo had inflated mortgages to get higher housing loans.

The bank - which is seeking to recover about S$181 million disbursed to purchase 38 units at the Marina Collection, a luxury condo at the wealthy enclave at Sentosa Cove - said it will be appealing the court's decision. UOB is represented by lawyers from Tan Kok Quan Partnership.