1MDB presents settlement proposal to Malaysian court against Deutsche Bank

A settlement proposal has been presented to the Malaysian Supreme Court regarding the long-standing legal dispute between the sovereign wealth fund 1MDB and Deutsche Bank. The litigation involves a claim of $1.1 billion against the Frankfurt-based financial institution.

1MDB attorney Lim Chee Wee confirmed that the court has been informed of the proposal. While a settlement could resolve a major component of the legal fallout from the multi-billion dollar 1MDB financial scandal, Deutsche Bank maintains its current position. A spokesperson for the bank stated that their stance is supported by “special facts” unique to their case and recent developments in similar proceedings involving other parties.

A further hearing in the matter is scheduled for October 26. The 1MDB scandal, which involved the alleged theft of billions of dollars from the fund, has seen various legal consequences globally, including the conviction of former investment banker Tim Leissner in New York.