DBS Bank Sued for US$1 Billion in 1MDB Linked Claim
2 sources across 2 countries · Hong Kong · Singapore · 1 of them is linked to a state
Who reported this
- South China Morning Post
- CNA
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
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DBS Bank, the largest lender in Southeast Asia, is being sued for an estimated S$1.298 billion (US$1.03 billion) in damages linked to the 1MDB scandal. The claimants are the liquidators of four companies: Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments. These liquidators did not immediately respond to requests for comment from Reuters.
In a statement to the Singapore Exchange on Wednesday, DBS rejected the claim and stated it would fight the lawsuit vigorously. The bank added that it has made no provision for the lawsuit. DBS noted that while global recovery efforts regarding 1Malaysia Development Berhad have been supported by legal counsel since 2018, there had been no prior claim against the bank.
1MDB was a Malaysian state fund co-founded in 2009 by then Prime Minister Najib Razak. US authorities state that at least US$4.5 billion was misappropriated from the fund in a global corruption scheme. This lawsuit is part of wider recovery efforts, which included a suit filed in July of last year against Standard Chartered Bank in Singapore alleging the bank enabled fraud leading to over US$2.7 billion in losses.
How each side framed it
- Centre
- The center lean outlet focused on the bank's public record and the specific timeline of recovery efforts.
- Centre-right
- The center-right lean outlet framed the lawsuit as the latest in a series of wide-ranging recovery efforts and provided additional context regarding a similar suit against Standard Chartered Bank.
Sources
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