Bullshit of the year: 3 finance bros quit banking jobs to carry on father's Nam Kee Chicken Rice legacy in Upper Thomson

[Papsmearer]

Good morning [papsmearer]

Good afternoon to you Charlie

 

[Papsmearer]

I remember this case was a conspiracy involving 2 agents from ERA and Lippo who got stuck with this development.

I was surprised that Ah Sai lost the first round.

He lost the first round because he had no legal grounds to stand on. His bank was the one that made the loans. They are supposed to do their due diligence but did not do so. The best due diligence that they can do is to hire a professional property valuator like Savilles or some other such big company and give them the independent 3rd party valuation of these Sentosa Cove units. This obviously did not happen because UOB did not file a lawsuit against the property valuators for professional negligence because they gave an inflated valuation. So, either UOB was in cahoots with the property valuators (a not uncommon occurence), or they did the valuation inhouse.

Lippo's case is that UOB should have done their due diligence. If the contract say the price is this much, and if their own property valuators concur, then where is the fraud? If anything, UOB should have inside knowledge that the cooling measures were coming down the pipeline due to their connections to the ruling party. They should then have erred on the side of caution. Instead of making 80% loan to valuation like they did, they could have done 50% loan to valuation. Trust me, these investors would have taken 50% LVR. They were laughing when UOB did 80%.

Also, the case notes that almost all the buyers were just straw buyers, and controlled by these 2 big investors. Its up to UOB to do due diligence on these straw buyers who are their actual clients. What is their business, and proof of income? Where did the deposit money of 20% come from? How long has the deposit money been in their account, etc. They obviously did not do this.

The second round is political. Some one at UOB pull string at the Appellate court. So, this one for sure will win.

 

[cockie]

Simi lancheow banking? These fuckers got wall to wall tattoos all over them. Which kind of bank hire this kind of people? U dare to park your money in their bank? More likely they were doing loan sharking and now, called "banking"

Work in bank lah… don’t means that they are Atas bankers. Could be call centre agent or maybe counter staffs….. ha ha