DBS rejects $1 billion 1MDB-linked lawsuit
DBS 1MDB lawsuit: the bank faces a S$1.298 billion claim and vows to fight See what the long-running recovery battle could mean for DBS and its investors
DBS said it will strongly contest a lawsuit seeking about $1 billion in claims tied to Malaysia’s 1MDB scandal. The case was filed by liquidators of four companies, including Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners, and TKIL Global Investments.
The bank said the claim is estimated at S$1.298 billion and noted that global recovery efforts related to 1MDB have been under way for years. DBS also said there had been no claim against it until now.
1MDB, a Malaysian state fund set up in 2009, became the center of a major corruption and moneylaundering scandal. DBS shares were down 0.58% in early Thursday trading.