Singapore’s largest bank, DBS Bank Ltd, said it is facing a lawsuit seeking damages estimated at S$1.30 billion in connection with 1MDB.
SINGAPORE: Singapore’s largest bank, DBS Bank Ltd, said it is facing a lawsuit seeking damages estimated at S$1.30 billion (S$1=RM3.22) in connection with 1Malaysia Development Bhd (1MDB).
In a statement on Wednesday, the bank said the lawsuit was filed by the liquidators of four companies, namely Affinity Equity International Partners Ltd, Blackrock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, and TKIL Global Investments Ltd.
The liquidators were Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh.
DBS said it has consulted its legal advisers, categorically rejects the claim, and will vigorously defend itself against the suit.
“It is a matter of public record that there have been global recovery efforts relating to 1MDB, supported by legal counsel since 2018.
“All this time, there was no claim against DBS,” the bank said, adding that it has assessed that no provisions are required at this stage.
