UOB’s award against Lippo rises again to $82.4m after court corrects judgment

By the Editorial Team · Thursday, October 22, 2026

Singapore’s High Court increased United Overseas Bank’s financial award against Indonesian developer Lippo Marina Collection to about $82.4 million after correcting previously omitted interest related to misleading loan information from 2011 to 2013. The ruling highlights judicial efforts to address inflated housing loans that caused significant losses to UOB, while a separate police inquiry into Lippo Group was closed without charges.

United Overseas Bank’s (UOB) financial award against Indonesian developer Lippo Marina Collection (LMC) has increased to approximately $82.4 million following a correction by Singapore’s High Court. The adjustment added about $6.4 million in interest that had been omitted in the court’s earlier August ruling.

The High Court’s Appellate Division revised the sum after Justice Woo Bih Li had raised UOB’s award from $17.7 million to $76.1 million on August 24. The correction addresses errors identified after the initial judgment.

The dispute centers on a 2022 ruling in which the High Court found LMC, a subsidiary of Lippo Group, liable for conspiring with property agents to provide misleading information that led UOB to disburse inflated housing loans between 2011 and 2013. These loans, amounting to about $182 million, were granted to 38 buyers of units at the 124-unit Marina Collection development in Sentosa Cove, Singapore.

The court determined that LMC and the agents had engaged in unlawful conduct by masking significant “furniture rebates” ranging from 22% to 34% provided to buyers. These rebates were not disclosed to UOB and were used to offset cash payments, resulting in purchase documents that showed inflated prices. Based on these documents, UOB approved loans that exceeded the then-regulatory cap of 80% of the purchase price. Ultimately, all 38 buyers defaulted on their loans, causing significant losses for the bank.

The initial financial award by the court in July 2025 was $177 million, which was subsequently reduced following UOB’s challenge regarding how mortgage repayments and rental income were accounted for in calculating the bank’s losses. UOB had originally sought to recover $92 million in losses or $76 million under alternative assumptions, including scenarios where no loans or only loans limited to regulatory caps would have been granted.

Legal representation for UOB was led by Eddie Ng of TKCP Law, while Senior Counsel Siraj Omar of Siraj Omar LLC represented LMC. The court communicated the updated amount to both parties via letter, exercising its authority to amend prior judgments.

Separately, the Singapore Police Force announced the conclusion of their investigation into the Lippo Group concerning an alleged offence of cheating, deciding not to take further action. The police indicated that this criminal inquiry is distinct from the civil proceedings that resulted in the court’s adverse finding against LMC.

A UOB spokesperson noted that the bank assesses housing loan applications based on numerous factors, including transaction and valuation documents submitted by borrowers. The spokesman highlighted that since 2015, developers are required to disclose rebates, discounts, and other benefits to purchasers, a safeguard introduced after these transactions occurred. The bank affirmed that its loan assessment processes remain robust and are under continual review to maintain their integrity.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.