DBS Bank sued for S$1.298 billion over 1MDB-linked claims

DBS Bank is facing a lawsuit in the Singapore High Court seeking over S$1.298 billion in damages linked to the 1MDB scandal. The claim was filed by court-appointed liquidators representing four companies: BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners, and TKIL Global Investments Ltd.

The 1MDB Asset Recovery Taskforce stated that the accounts in question were opened in 2013 and were linked to Eric Tan (Tan Kim Loong), described as a Malaysian national and a close associate of Jho Low acting as his proxy. According to the taskforce, more than US$1 billion stolen from 1MDB and SRC International was channeled through these four companies between 2013 and 2014.

Investigators allege the funds were moved between the companies without legitimate reason and used for various expenditures, including luxury jewelry, private jet charters, nightclubs, and the purchase of a superyacht. DBS has categorically rejected the claims, stating it will fight the lawsuit vigorously and noting that no financial provisions have been made at this stage.