UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Looming?

[numero uno]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

no wonder heard my colleague telling me that 3 local banks are issuing bonds. 1 billion for dbs and ocbc. uob 2 billions.

that's why mother of all crash in banking and property coming. You know shits have hit the fan when MAS have to come up and openly declare to everyone that sinkies banks are "safe" and can withstand any loss. no smoke without fire.hahhahah

 

[kukubird59]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

hahaha....the empty vessel going to town with his retarded comments....
the idiot had shown time and again that he could not even comprehend a simple article....
yet here when he is not privy to all the details and just from snippets all over the place, the idiot goes on whining like a subject matter expert....
classic demonstration of the traits of an empty vessel...truly retarded..

 

[GoldenDragon]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Its very possible that the police report was lodge already by UOB against all concerned. But the Police probably declined to pursue charges due to the fact that ultimately, UOB failed to do its due diligence. After all, banks decline mortgages to people all the time and in this case they simply did not do so. This would have been the cheapest cause of action for UOB. If the police had proceeded to file cheating and fraud charges and the AG brings them to court, and all the parties were found guilty, then it would have been a lot easier for UOB to enforce a civil action to recover its losses. Its no use suing the buyers, they are just straw men. The agents and their company can easily be sued as well as Lippo. They should win it easily based on the fraud convictions. It would have been a lot cheaper then for UOB to hire lawyers
to go after them.

I am quite sure reports were lodged. Could have been to even 3 entities - CAD, CPIB and SPF by one or both parties.

WCY is a good friend of the Lees. I have even heard that when it comes to the biggest of deals in money laundering, he is the safest bet.

The Indons arent without their own MIW connections. They rank lower than WCY in the eyes of the Lees.

It is likely both parties were advised to take the matter to court. Less messy. If CAD and CPIB investigated, no more civil case but criminal case. Offences committed will in all likelihood attract mandatory jail terms. So, both entities might have been told to classify case as civil rather than criminal. The whole affair could not have materialised wuthout corruption, cheating, CBT and even forgery for the purpose of cheating. Lack of due diligence is not likely a reason for this case to be classified as 'civil suit.'

 

[Papsmearer]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

I am quite sure reports were lodged. Could have been to even 3 entities - CAD, CPIB and SPF by one or both parties.

WCY is a good friend of the Lees. I have even heard that when it comes to the biggest of deals in money laundering, he is the safest bet.

The Indons arent without their own MIW connections. They rank lower than WCY in the eyes of the Lees.

It is likely both parties were advised to take the matter to court. Less messy. If CAD and CPIB investigated, no more civil case but criminal case. Offences committed will in all likelihood attract mandatory jail terms. So, both entities might have been told to classify case as civil rather than criminal. The whole affair could not have materialised wuthout corruption, cheating, CBT and even forgery for the purpose of cheating. Lack of due diligence is not likely a reason for this case to be classified as 'civil suit.'

Yeah, that is what I thought too. As I mentioned, WCY was a good friend of Old Fart. But not sure if that relationship went down to the children. This case smells of politics. Lippo also has its own MIW, but idiots like Sim Boon Ann is lower rank ex MP. However, I am of the opinion that non of this would have happened had UOB even implemented rudimentary due diligence. If the corruption happened between its own loan officers and one or more of the accused party, its still the fault of UOB.

 

[Papsmearer]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Would the legal-wise in this forum advise the estimated Fees, that the Lawyers will earn from this legal process ?

Is the current rate still at Sgd 600 per hour per Lawyer ?

How does the Legal System charge?
Court charges on hourly basis ?

Isn't this another derivative of playing the "over value/trade" principle ?

Most Car Sales / Accident Repairs are done using this principle, too

I remember some hdb seller/agent went to jail for such practice,...but I one looks into the deeper veneers of the business community, isn't almost every business is playing a similar game ?

Thanks

Depends on who in the law firm is the lead lawyer. Senior partner of the law firm is easily over $600 per hour. More like $2000 and up. Lawyers charge retainers up front and then charge by the hour depending on who in the law firm is taking on the case. Then there are other admin and staff charges for procuring legal documents from the Land Office, everything, even the number of photocopies they make is billed to you.

 

[Onitsuka]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Depends on who in the law firm is the lead lawyer. Senior partner of the law firm is easily over $600 per hour.

Just stay away from Alvin Yeo Otherwise he choot his Heavenly Sword and Dragon Sabre, I think UOB also cannot tahan.

 

[GoldenDragon]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Yeah, that is what I thought too. As I mentioned, WCY was a good friend of Old Fart. But not sure if that relationship went down to the children. This case smells of politics. Lippo also has its own MIW, but idiots like Sim Boon Ann is lower rank ex MP. However, I am of the opinion that non of this would have happened had UOB even implemented rudimentary due diligence. If the corruption
happened between its own loan officers and one or more of the accused
party, its still the fault of UOB.

agree. both sides are guilty. they arent angels. their scheming merely
backfired.

 

[GoldenDragon]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Depends on who in the law firm is the lead lawyer. Senior partner of the law firm is easily over $600 per hour. More like $2000 and up. Lawyers charge retainers up front and then charge by the hour depending on who in the law firm is taking on the case. Then there are other admin and staff charges for procuring legal documents from the Land Office, everything, even the number of photocopies they make is billed to you.

Higher than that bro. Yrs ago my friend was already charging $700 an hr in one of the big 4 law firms. SCs there 1.5-2k an hour.

i m quite certain both sides would not go for per hr charges. m sure they prefer pau kau liao. lots of lawyers from each side will be involved. may even bring in accountants and forensic experts etc. i reckon both parties will get SCs to handle this legal matter and these SCs are fully aware $ is not a problem. face and pride matters to both parties. min 700k legal fees for each.

 

[stingray]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

....on the inside says this incident is the tip of the iceberg. why do you think MAS have to suddenly come out and says the banks are "healthy". no smoke without fire....

Since foreigners (SPR) are allowed to purchase properties in sinkie land, many of them were given loans by banks based on fake documents generated by these foreign purchasers, who bought these properties only for speculative purposes. All hell broke loose when these foreigners could not find the end buyers.

What they did was relatively simple. They just walked away and stayed put in their own country to avoid personal bankruptcy for failing to settle the mortgage loan. The bank was thus left holding the baby.

 

[Papsmearer]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Higher than that bro. Yrs ago my friend was already charging $700 an hr in one of the big 4 law firms. SCs there 1.5-2k an hour.

i m quite certain both sides would not go for per hr charges. m sure they prefer pau kau liao. lots of lawyers from each side will be involved. may even bring in accountants and forensic experts etc. i reckon both parties will get SCs to handle this legal matter and these SCs are fully aware $ is not a problem. face and pride matters to both parties. min 700k legal fees for each.

actually its not only Lippo and UOB. The weak link is the 2 ERA agents and the 5 clients also being sued. they do not have bottomless pockets to fund legal fees. I would not be surprised if Lippo was secretly funding their legal fees. After all, if there was truly collaboration between Lippo the agents and the buyers, the last thing Lippo wants is the agents to turn over any incriminating emails, text messages, etc to UOB lawyers to use against Lippo. UOB knows they will not recover anything from the agents and the Indon clients. Even if they win, how will they enforce the judgement on the Indon clients? And agents are not usually that filfty rich they can pay millions $ in damages.

Its interesting to me that they manage to get the kids of the agents to testify against their parents. Even saying things like my mother/father made me sign blank checques every month. Also, it does not say what is the total $ that UOB lost and what is the amount that they are trying to recover from all the parties. A lot of funny business in this case.

 

[kukubird59]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

I don't know why UOB is still pursuing this. They don't have a leg to stand on at all. The whole project had 124 units. What happened to the rest? Mortgages ok? No excessive furniture rebates for those? The fact is that he UOB lending officers more then happy to do the mortgages with the lack of qualifications for these buyers. Lippo can always say that they gave the same discounts to the other units and yet the other lenders did not come after them. Also the property valuator the bank used also confirmed this value of $5.98 million. All UOB valuators are on their approved list, so its not like the client used his own valuator and bribed the guy to come up with a higher number. The best avenue for the recovery of money is to sue the property valuators since they relied on them for the property worth.

hahaha...truly an empty vessel who as usual is clueless but just want to blah, blah, blah....with the usual allegations..
only a moron will make such statement that UOB don't have a leg to stand at all....
anybody with half a brain will know there was fraud and conspiracy.....and the idiot thought the valuator is the one responsible and case close.....truly retarded..

 

[Onitsuka]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Higher than that bro. Yrs ago my friend was already charging $700 an hr in one of the big 4 law firms. SCs there 1.5-2k an hour.

How much does M Ravi charge ? For ordinary Sinkies, M Ravi is the benchmark.

 

[GoldenDragon]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

How much does M Ravi charge ? For ordinary Sinkies, M Ravi is the benchmark.

Not sure about his rates but quite certain it is negotiable. Saw him in Chinatown recently. He was in t-shirts and jeans on a weekday. Is his license suspended? We just hi hi shook hands. Didnt want to engage him for long if not he will tell me his dad is a chinese and he is a member of ang soon tong.

 

[CoffeeAhSoh]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

Actually, its not that confusing. There are 3 legal actions going on here. UOB is taking legal actions against Lippo, the buyers and the ERA agents. UOB has to go to court to win. Once they they do it, they can go after the ERA agents. The agents should be covered under their errors and omissions insurance. So, a guilty finding against them should enable Lippo to sue them for damages and if they don't have the money, their insurance will cover it. I am surprised the valuator was not sued by UOB too. If I were Lippo, I will call the valuators as witness in court. After all they are hired by UOB and on their approved list. The valuators will have no choice but to testify that they did indeed value the property at that price, and Lippo would then say, "see, even your own valuators say its worth this much, therefore, there is no fraud" and that would be the end of the case. I mean what is the property valuator supposed to say? their appraisal was no good? they made an error and overinflated it?

This whole case smells very political to me. Old Fart and Wee Cho Yaw were golfing buddies. I do not know if that relationship went down to Gay Loong and the Wee kids. If they do, then its just political. Gay Loong helping old family friends Wee to whack cheating Indons even though there is no case. Of interest here is that the Judicial Commissioner Aedit ABdullah was the former Chief Prosecutor if I am not mistaken. Surely, if the current AG will not bring any criminal charges against any of the involved parties for fraud or cheating, then why is the former Chief Prosecutor allowing the case to go to trial? He should know too there is no case. It says the Assistant Registrar has already dismissed UOB application for settlement. Meaning there was no grounds for them. And yet, after UOB appealed, the case is allowed to go on. It really stinks.

learnt from Boss Sam one - smell of Red Herring

 

[eatshitndie]

Re: UOB Sue Lippo Marina For Misrepresenting Condo Sales Price! Subprime Crisis Loomi

most important inflection point will be any price collapse to make it a value buy for my sister claire and her swine beau or my future brother-in-lawlessness.