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

[krafty]

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


http://mypaper.sg/top-stories/uobs-181m-suit-over-inflated-housing-loans-20150107

 

[Narong Wongwan]

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

 

[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]

 

[CoffeeAhSoh]

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


http://mypaper.sg/top-stories/uobs-181m-suit-over-inflated-housing-loans-20150107

CAD and CPIB should inestagiate the case . Clearly Creating a False Market PUshing up Prices.

 

[AhMeng]

All thanks to PAP and their love for foreigners to own property here.

 

[CoffeeAhSoh]

All thanks to PAP and their love for foreignera to own property here.

Any brothers Got the LIst of the 38 Names of Buyers and Cartel ?

 

[LEGEND]

I thought they loaned the money out with their eyes open. No?

 

[CoffeeAhSoh]

I thought they loaned the money out with their eyes open. No?

Hmm... if open eyes than Must Report Police Lah , like that how many More Loans In the Markets

Kelong like that . Jialat ah like that ...

 

[CoffeeAhSoh]

more and more cases . Amount getting Bigger and Bigerr . Volks Auto S3.2M

now S$181 M !! Siow Liao

 

[Narong Wongwan]

Any brothers Got the LIst of the 38 Names of Buyers and Cartel ?

The buyers unlikely to be anyone prominent.....since they aren't eligible to loan in the first place.......likely desperado patsies.
What a brilliant plan.....leftover unsold properties offloaded to phantom buyers.....loans taken......hope for property prices to rise so can sell and flip.....if not default and bank is left holding the baby.

 

[gingerlyn]

dont be so happy brothers....
Temasek has investment in UOB also and I am very worried that my cpf money is gone.

 

[CoffeeAhSoh]

http://business.asiaone.com/news/uobs-181m-suit-over-inflated-housing-loans

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

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.


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

 

[CoffeeAhSoh]

The buyers unlikely to be anyone prominent.....since they aren't eligible to loan in the first place.......likely desperado patsies.
What a brilliant plan.....leftover unsold properties offloaded to phantom buyers.....loans taken......hope for property prices to rise so can sell and flip.....if not default and bank is left holding the baby.

they also use TUA PEK KONG also Siao Leow !!!

 

[meeraze]

I thought they loaned the money out with their eyes open. No?

Yes and no. Yes if you are a smalltimer , no if you are big fish and well connected.

 

[Nowsaday]

Nowsaday anyone who wants a property in scamtosa needs to get their head checked.

 

[CoffeeAhSoh]

See the Steep Plunge in the Chart Below :​

http://www.propertyguru.com.sg/project/marina-collection-1275

 

[krafty]

they are rich indonesians, i doubt sinkie CPIB can do anything. but they can dig the loan manager from UOB> i suggest...

CAD and CPIB should inestagiate the case . Clearly Creating a False Market PUshing up Prices.

 

[CoffeeAhSoh]

they are rich indonesians, i doubt sinkie CPIB can do anything. but they can dig the loan manager from UOB> i suggest...

Ah Wee is a good man ... pls dont dig ... But can dig ERA Agents and the Whole gang involved

 

[krafty]

wee is good man!!!...have you read escape from paradise, how he and his father con the late haw par uncle...
most likely, the agents and the bank managers are in cahoot.

Ah Wee is a good man ... pls dont dig ... But can dig ERA Agents and the Whole gang involved

 

[gingerlyn]

Ah Wee is a good man ... pls dont dig ... But can dig ERA Agents and the Whole gang involved

ah wee was bullied big time by PAP government during banking merger era.
Luckily, the real god protected him and OUE agreed to sell his bank to UOB instead of DBS.
Otherwise, ah wee would have been kicked out by PAP