Singapore’s largest bank DBS Bank Ltd is facing a lawsuit seeking estimated damages of S$1.30 billion in connection with 1Malaysia Development Bhd (1MDB).
In a statement on Wednesday, DBS said the lawsuit was filed by liquidators on behalf of four companies, namely Affinity Equity International Partners Ltd, Blackrock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd and TKIL Global Investments Ltd.
The liquidators are Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh.
DBS said it had sought advice from legal counsel, firmly rejects the claims and will vigorously defend itself against the lawsuit.
“It is a matter of public record that efforts to recover 1MDB-related assets have been undertaken globally with the support of legal advisers since 2018.
“Throughout this period, no claims were made against DBS,” the bank said, adding that based on its assessment, no provision is required at this stage.
