UOB's $181m suit over 'inflated housing loans'

[numero uno]

Like they say, there is always a sucker born every minute. I personally have never paid for such a course be it real estate or stock. I do ok. I have never had anyone come to me either that said the course was fantastic and they became a millionaire out of it. All testimonials have come from the people selling these courses. To me, these are borderline scams.

well said. like I said ALL bankers and property agents are cheats and con men. the last 5 years I have BEEN approached to invest in all sorts of crap "sure make money" "capital guaranteed" con jobs and they all 99% turn out to be con jobs later ie UK land banking, gold bullions buy back schemes, MLM schemes, country clubs esp RTC, sunshine empire, Lehman bonds, OCBC minibonds, high class wine investments, ostrich farms, property rentals schemes, ostrich farms, time shares, US housing disposal schemes, oil futures etc, etc.
I never invest a single cent in all of theme unlike alot of idiots out there who are always thinking of lobangs and easy money and got burnt badly. knew of a few bankruptcies because of investing in these con jobs. NOT a single one of these schemes I highlight above made money for the investors. NOT A SINGLE ONE. its all bullshit. next would be a bigger property markets crash. mark my words. you ain't see nothing yet.

 

[CoffeeAhSoh]

:*::*::*:iszzit Possible For CPIB and CAD to Investigate ??? ​

​

Published on Jan 07, 2015

UOB's $181m suit over 'inflated housing loans'

ELENA CHONG

UNITED Overseas Bank (UOB) has launched a $181 million suit against a subsidiary of Indonesian giant Lippo Group and seven individuals,

claiming they conspired to get inflated housing loans.

The loans were for the purchase of 38 condominiums at the high-end Marina Collection in Sentosa - which was developed by Lippo Marina Collection

(LMC). Launched for sale in 2007, each condo at the 124-unit development costs an average of $6 million.

But out of the 38 units financed by UOB, 37 have defaulted.

The bank alleges that LMC and the other defendants failed to inform it of "very substantial" discounts of between 22 and 34 per cent given to the

buyers. That meant that the buyers paid a lot less for the units than what was indicated on the loan forms.

The loans were therefore not just in breach of Monetary Authority of Singapore rules, but were also in excess of what the buyers actually had to pay for

the 99-year leasehold units.

UOB says it gave out the loans after Lippo's lawyers confirmed that the buyers had paid the remainder of the purchase price - but this was untrue. The remainder was instead set off against discounts or "furniture rebates".

In addition, UOB alleges that many of the buyers were fronts and did not have the financial means to service the housing loans.

Instead, the real buyers were five people who had links with the two property agents involved in the alleged scam - ERA housing agent Goh Buck Lim and freelance housing agent Aurellia Adrianus Ho.

UOB alleges that sums ranging from $200,000 to $1.2 million were transferred between bank accounts of the "buyers" and several defendants.

This was to give the bank the impression that whoever was applying for a loan had at least $200,000 in their UOB accounts - one of the criteria for the loan to be granted.

According to UOB, one of the so-called buyers admitted to being paid $100,000 to act as a proxy.

LMC denies being part of any conspiracy to cause loss to UOB and will vigorously defend the claims made against it.

In its defence, LMC says that the loans were a matter solely between the buyers and UOB, and that it had no knowledge of any alleged misrepresentation of the purchase price. It added that the bank should have done its own independent checks.

The developer also said it only dealt with the buyers through Mr Goh. It was the agent who asked if LMC could give a discount in the form of furniture rebates.

LMC agreed to give rebates of between 25 and 34 per cent to promote the sale of units in the development, adding that this was a "fairly common sales and marketing strategy". LMC says it was not aware of Mr Goh or any of the buyers concealing the rebates from UOB.

The bank is represented by Tan Kok Quan Partnership and LMC by Premier Law. The other defendants are defended by Straits Law.

[email protected]

news printed 1st in jan 2015.


pty and equities mkts hit end 15 and begining of 2016.


then another update on this case feb/mar 16 .


expect next update on jan/feb 2017


by jan / feb 2018 if and when mkts recover - case privately settled ???

 

[Papsmearer]

well said. like I said ALL bankers and property agents are cheats and con men. the last 5 years I have BEEN approached to invest in all sorts of crap "sure make money" "capital guaranteed" con jobs and they all 99% turn out to be con jobs later ie UK land banking, gold bullions buy back schemes, MLM schemes, country clubs esp RTC, sunshine empire, Lehman bonds, OCBC minibonds, high class wine investments, ostrich farms, property rentals schemes, ostrich farms, time shares, US housing disposal schemes, oil futures etc, etc.
I never invest a single cent in all of theme unlike alot of idiots out there who are always thinking of lobangs and easy money and got burnt badly. knew of a few bankruptcies because of investing in these con jobs. NOT a single one of these schemes I highlight above made money for the investors. NOT A SINGLE ONE. its all bullshit. next would be a bigger property markets crash. mark my words. you ain't see nothing yet.

Yeah, people are idiots. Most of these people can't be talked out of it. I have tried. they are so bloody sure their investment will be do well, despite my pointing out the flaws in the investment. For me, property is the only way to go. You can see it, touch it, live in it, or get rental income from it. Now adays with rentals so high, and opportunities to increase rental income thru VRBO, AirBnB, Craigslist, etc you can enhance the cash flow of the property greatly.

 

[shiokalingam]

uob vs lippo group smell like Nassim Jade saga. :(

 

[CoffeeAhSoh]

verdict this month

 

[syed putra]

Lippo is own and run by crooks....the riadys....enough said.
Recently in the news similar scam kena by Ocbc....
Wonder how many more yet undiscovered.....
Scams like these can get away when market is good and prices keep going up.....suspect the bank's turned a blind eye even

Way back, lippo collected satellite TV fees but did not remit to satellite TV provider. USD300 mil

Astro vs Lippo – An Overview​

Posted on July 25, 2012 by Shaun Lee
The Singapore High Court is currently hearing a dispute between the Astro Group and the Lippo Group as to whether a series of 5 arbitration awards that Astro has obtained against Lippo for a total sum of about US$300 million should be recognised or set aside. The decision of the Singapore High Court is very likely to have repercussions on the decisions of the foreign courts in which Astro is seeking to enforce the awards (Malaysia, Hong Kong and Indonesia). This is because the awards were made in Singapore, thereby giving the Singapore courts supervisory jurisdiction over the awards.
These 5 awards arise out of a dispute involving a failed joint venture between the parties in the satellite TV business in Indonesia. The Astro Group is a Malaysian broadcasting and media entity led by Mr. Ananda Krishnan while the Lippo Group is an Indonesian conglomerate led by Mr. James Riady, both of whom are prominent tycoons in the South East Asian region.
Notably, this case will see two UK Queen’s Counsel arguing the case before the Singapore High Court. The last successful application for the admission of Queen’s Counsel to argue before the Singapore Courts was in 2004. Back in December 2011, the Singapore High Court allowed Astro’s application in Re Joseph David QC, [2011] SGHC 262 to admit Mr. David Joseph QC as its counsel to argue this case. The Singapore High Court considered that Mr. Joseph QC “appears particularly suited to address the issues arising in this case…because he is the author of Jurisdiction and Arbitration Agreements and their Enforcement (Sweet & Maxwell, 2005) and (Sweet & Maxwell, 2nd Ed, 2010), which is now widely considered to be a leading reference text in the complex field of arbitration law. This book has also been referred to by the Singapore courts as an authority for various legal propositions or views…“.
In this regard, Lippo is represented by Mr. Toby Landau QC who acted for the successful party in the UK Supreme Court case of Dallah Real Estate and Tourism Holding Company v The Ministry of Religious Affairs, Government of Pakistan [2010] UKSC 46. This is a case which was identified by the same Singapore High Court as one which “being a decision of the UK Supreme Court, merits careful consideration… The application of Dallah in the resolution of this legal conundrum could have important implications for the arbitral and commercial communities here and perhaps elsewhere” (see paragraph [33]).
We will have an upcoming post on the takeaways from this dispute and in particular the strengths and weaknesses of the enforcement regime in arbitration through the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

 

[tanwahtiu]

It has come to pass, PAPig is a weak gahment easy to push around by international players.

Tough with Sinkies but soft kkj in international stage.

Wait to see problems are sweep under the carpets with taxpayers foot the bills....

Toothless tiger PAP even kenna pushed by Buddhaland Indians with no ends in sight...

 

[syed putra]

I presume riady's are of a particular stock.

 

[LITTLEREDDOT]

verdict this month

You dug up a thread that is more than 5 years old. Well done.

 

[laksaboy]

I presume riady's are of a particular stock.

The Riady family has donated to SMU... here is proof.

 

[Papsmearer]

I presume riady's are of a particular stock.

what stock is that?

 

[Papsmearer]

verdict this month

so fucking long. must have been a furious battle behind the scenes. Come, place bets now.