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Market Chatter: Singapore High Court Critisizes UOB Over Late Payment Inconsistencies

MT Newswires05-26 11:38

Singapore's High Court has criticized the manner in which United Overseas Bank (SGX:U11) has been taking inconsistent legal positions on late payment charges in connection with mortgage cases, according to a Straits Times report on Tuesday.

Assistant Registrar, Randeep Singh Koonar, termed the bank's actions "unsatisfactory" for withdrawing claims in court when asked for a legal justification, the report said.

The recent judgment was delivered in a 2026 case filed by UOB against a company named SGmade Co-Operates, that owed it around SG$556,200, the report noted.

According to Randeep, the bank had withdrawn its claims when the High Court asked for legal justification, the report added.

Later on, the bank admitted that it was not legally allowed to impose late payment charges via monthly installments, the report noted.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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This information is believed to be from reliable sources but may include rumor and speculation. 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