Business · Malaysia Bureau
DBS faces US$1 billion lawsuit from liquidators of 1MDB-linked entities
The Singapore banking group has been sued for US$1 billion by liquidators of firms connected to the 1Malaysia Development Berhad scandal. DBS has rejected the claim and vowed to defend itself vigorously.
LSN Malaysia ·
DBS Group Holdings has been named in a US$1 billion lawsuit filed by liquidators of entities linked to the 1Malaysia Development Berhad (1MDB) scandal, according to legal filings. The claim centres on allegations related to the bank's handling of transactions connected to the investment fund, which became the subject of one of the world's largest corruption investigations.
The Singapore-based lender has dismissed the allegations, stating it will contest the claim with vigour and defend its position robustly in legal proceedings. DBS maintained that it acted appropriately in its business dealings and disputes the basis of the liquidators' assertion.
The 1MDB case has resulted in numerous legal actions across multiple jurisdictions since 2015, when investigations began into how billions of dollars disappeared from the Malaysian sovereign wealth fund. Various financial institutions globally have faced scrutiny over their role in facilitating transactions during the period in question.
The lawsuit represents another chapter in the prolonged legal aftermath of the 1MDB affair, which has implicated numerous parties including banks, officials, and intermediaries across Asia and beyond. The matter is likely to proceed through Singapore's court system, where DBS is registered and headquartered.