DBS faces $1 billion 1MDB-linked lawsuit

Singapore's DBS Bank faces a civil claim seeking about $1.024 billion in damages after court-appointed liquidators of four companies linked to 1MDB said they had filed and served a lawsuit accusing the bank of facilitating the movement of misappropriated money.

The liquidators, from advisory firm Kroll, named the companies as Affinity Equity International Partners Ltd, Blackrock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd and TKIL Global Investments Ltd. All four are in liquidation.

DBS said Wednesday it had consulted legal advisers, categorically rejected the claim and would vigorously resist it. The bank said global recovery efforts related to 1MDB were a matter of public record.

Last year, liquidators for three other former 1MDB-linked companies sued Standard Chartered Bank in Singapore, seeking $2.7 billion in damages. In June, Standard Chartered lost an appeal to dismiss that civil lawsuit, and no trial date has been set.

Allegations of corruption in 1MDB triggered investigations around the world and led to the jailing in 2022 of its founder, former Malaysian leader Najib Razak. Allegations that Najib and top officials looted billions from the fund contributed to the 2018 downfall of Najib and the ruling coalition that had governed Malaysia since independence in 1957.