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Reuters

Singapore’s DBS Bank is being sued for an estimated S$1.298 billion (US$1.03 billion) in damages linked to the multibillion-dollar 1MDB scandal, Southeast Asia’s largest lender DBS Group has said.
The claimants include the liquidators of four companies: BlackRock Commodities (Global), Platinum Global ‌Luxury Services, Affinity Equity International Partners and TKIL Global Investments.
The liquidators confirmed in an emailed statement that they ‌had filed and served a damages claim of more than US$1 billion against DBS Bank.
DBS on ⁠Wednesday rejected the claim and said it would fight ⁠it vigorously, adding ⁠that the company had made no provision for the lawsuit. The bank did not ‌provide any more details on the allegations it faces.
The lawsuit is the latest among wide-ranging ‌efforts ‌to recover money belonging to 1Malaysia Development Berhad (1MDB), from which US investigators ‌say about US$4.5 billion was stolen between 2009 and 2014 in a ⁠complex, globe-spanning scheme.
All this time, there was no claim against DBS, ⁠according to the lender’s statement.
In July last year, liquidators trying to recover money from 1MDB sued Standard Chartered Bank in Singapore, ‌alleging it enabled fraud ‌that led to more than US$2.7 billion in financial losses between 2009 and 2013.
Shares of DBS closed 0.8 per cent lower at S$77.50 earlier in the day.


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DBS has rejected the claim and says it will ‌fight it vigorously, but that the company has made no ⁠provision ⁠for the lawsuit


DBS has rejected the claim and says it will ‌fight it vigorously, but that the company has made no ⁠provision ⁠for the lawsuit.


Singapore’s DBS sued for US$1 billion in alleged 1MDB-linked claim

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}DBS has rejected the claim and says it will ‌fight it vigorously, but that the company has made no ⁠provision ⁠for the lawsuit

DBS has rejected the claim and says it will ‌fight it vigorously, but that the company has made no ⁠provision ⁠for the lawsuit