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.
· CNA · JoinRead 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 confirmed to Reuters in an emailed statement that they had filed and served a damages claim of more than S$1 billion against DBS Bank.
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.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Newsletter
Morning Brief
Subscribe to CNA’s Morning Brief
An automated curation of our top stories to start your day.
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