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DBS Rejects $SG1.30 Billion Lawsuit Linked to 1MDB Scandal

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DBS Group Holdings (SGX:D05) has been hit with a lawsuit seeking SG$1.30 billion in damages linked to the multibillion-dollar 1MDB scandal, according to a Wednesday filing to the Singapore Exchange.

The lender "categorically" rejected the claim and said it will "vigourously resist" the legal action. DBS added that, following an internal assessment, no financial provisions are required at this stage.

The lawsuit was filed by Affinity Equity International Partners, Blackrock Commodities (Global), Platinum Global Luxury Services, and TKIL Global Investments. All four of the companies are under liquidation.

Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh, liquidators of the four claimants, are also part of the lawsuit against DBS.

DBS noted that global recovery efforts involving legal counsel have been publicly active since 2018, following the 1Malaysia Development financial fraud that siphoned more than $4.5 billion from Malaysia's state development fund between 2009 and 2015.

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