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DBS faces S$1.3 billion lawsuit tied to 1MDB scandal

DBS rejected the claim and said it made no provision for the lawsuit, which is part of ongoing efforts to recover 1MDB-related losses.

Reported · Written up by our desk · Trade & Tariffs

Singapore’s DBS Bank is being sued for an estimated S$1.298 billion (US$1.03 billion) in damages linked to the 1MDB scandal, DBS Group said, calling the allegations unsupported and vowing to fight the case vigorously.

The claimants include liquidators of four companies, Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners, and TKIL Global Investments, according to DBS’s statement.

The lawsuit is the latest in efforts to recover money belonging to 1Malaysia Development Berhad, where US investigators say about US$4.5 billion was stolen between 2009 and 2014 in a scheme spanning multiple countries.

DBS said at the time of the alleged theft there was no claim against it, and Reuters reported that liquidators of the companies involved did not immediately respond to requests for comment. In a prior step, liquidators sued Standard Chartered Bank in Singapore in July last year, alleging it enabled fraud that led to more than US$2.7 billion in financial losses between 2009 and 2013.

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