Singaporean lender DBS is currently facing a lawsuit seeking approximately S$1.298 billion in damages linked to the 1Malaysia Development Berhad (1MDB) financial scandal. The legal action was initiated by liquidators representing four distinct entities: BlackRock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners, and TKIL Global Investments. In response to the filing, DBS issued a formal statement expressing its total rejection of the allegations and confirming its intention to contest the matter in court. The bank highlighted that while international recovery operations concerning the 1MDB case have been active since 2018, no previous claims had been directed at the institution. The 1MDB scandal, which emerged in 2015, involved a Malaysian sovereign wealth fund founded by former Prime Minister Najib Razak.
Source : Mothership
Photo : Mothership
