Business

DBS sued for US$1 billion in 1MDB-linked claim

DBS rejected the claim and said it would fight it vigorously, adding that the company has made no provision for the lawsuit.

Read a summary of this article on FAST.

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

FAST

SINGAPORE: Liquidators of four companies linked to recovery efforts in the multibillion-dollar 1MDB scandal have sued DBS Bank, seeking an estimated S$1.298 billion (US$1.03 billion) in damages, Southeast Asia’s largest lender DBS said on Wednesday (Sep 9).

The claimants include the liquidators of four companies: Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments. The liquidators did not immediately respond to Reuters requests for comment.

Malaysian state fund 1MDB, or 1Malaysia Development Berhad, co-founded by then Prime Minister Najib Razak in 2009, was at the heart of a global corruption scandal in which US authorities said at least US$4.5 billion was misappropriated, sparking investigations and asset-recovery efforts worldwide.

In a statement to the Singapore Exchange, DBS rejected the claim and said it would fight it vigorously, adding that the company has made no provision for the lawsuit.

“It is a matter of public record that there have been global recovery efforts relating to 1Malaysia Development Berhad, supported by legal counsel since 2018. All this time, there was no claim against DBS,” it said. 

Source: Reuters/CNA/rk(aj)

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

FAST