The Singapore High Court on Thursday rejected BSI Bank Limited’s (BSI) application to dismiss a US$394 million claim filed by 1Malaysia Development Berhad (1MDB) and its subsidiary, Brazen Sky Limited.
1MDB announced that the dismissal, which is subject to appeal, allows the case against BSI to move forward.
The case, initiated on May 2, involves 1MDB and Brazen Sky seeking damages for significant financial losses allegedly caused by unauthorized fund transfers and a money laundering scheme conducted through BSI accounts. The claim accuses BSI and several former officers of facilitating these transfers and aiding in the misappropriation of 1MDB’s assets. BSI was placed into voluntary liquidation in 2017.
“We are pleased that this application has been rejected and remain committed to holding institutions and individuals accountable for the misappropriation of funds from Malaysia’s sovereign wealth fund. Our goal is to ensure the recovery and return of these assets to the Malaysian people,” said a spokesperson for the 1MDB board.
1MDB highlighted that this legal action is part of its ongoing global efforts to recover billions of dollars in misappropriated funds.
