DBS denies $1.3 billion damages claim from 1MDB-linked liquidators
DBS said it fully rejects a S$1.298 billion damages lawsuit filed by four liquidated entities linked to the 1MDB scandal and will not set aside provisions.
DBS filed a notice with the Singapore Stock Exchange stating it "categorically rejects" a S$1.298 billion claim for damages lodged by four entities that are in liquidation and are connected to the 1MDB scandal. The claimers—Affinity Equity International Partners, Blackrock Commodities (Global), Platinum Global Luxury Services and TKIL Global Investments—are represented by liquidators Jason Aleksander Kardachi and Karnjote Singh S/O Jarmal Singh.
DBS said it has sought advice from its legal team and will vigorously contest the lawsuit, emphasizing that no claim against the bank has arisen during the global recovery efforts that began in 2018. The bank further assessed that no provision for the claim is required at this stage. Following the filing, DBS shares closed at S$77.50, down 0.8% from the previous level. The dispute adds another legal front to the ongoing fallout from the 1MDB scandal, which has seen numerous recovery actions worldwide.
