Singapore court rejects US$2.7 billion 1MDB-linked suit against Standard Chartered, BSI

Name: The legacy of Malaysia’s 1MDB scandal on politics and corruption-fighting
Uploaded: 2025-10-01T05:54:11.000Z
Duration: 11 min 20 s
Description: The legacy of Malaysia’s 1MDB scandal on politics and corruption-fighting

The judge dismissed the liquidators’ suit as the alleged transactions happened before Singapore’s cross-border insolvency law took effect

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Reuters

Published: 1:54pm, 1 Oct 2025

Singapore’s High Court has dismissed a bid by foreign liquidators to sue Standard Chartered Bank and BSI Bank in the city state over transactions alleged to be linked to the scandal-hit Malaysian sovereign wealth fund 1MDB, according to a judgment on Wednesday.

Representatives of the liquidators did not immediately respond to a request for comment. Standard Chartered said the bank welcomed the court’s decision.

Liquidators began legal proceedings against the London-headquartered bank in Singapore, according to a statement from July, with the claimants alleging Standard Chartered permitted more than 100 intrabank transfers between 2009 and 2013 that helped to conceal the flow of stolen funds.

Those transfers led to the loss of more than US$2.7 billion for the claimants, as well as S$20 million (US$15.5 million) in public funds, according to the liquidators.

US and Malaysian investigators say about US$4.5 billion was stolen from the 1Malaysia Development Berhad state fund between 2009 and 2014 in a complex, globe-spanning scheme.

11:20

The legacy of Malaysia’s 1MDB scandal on politics and corruption-fighting

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