Singapore’s DBS Group is sued for an estimated S$1.298 billion (about US$1.03 billion) in damages tied to the 1MDB scandal, the bank says. The claimants are the liquidators of four companies: BlackRock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments.
DBS rejects the claim and says it will fight it “vigorously.” According to DBS, it has made no provision for the lawsuit. The outlets also report that the liquidators have not responded immediately to requests for comment. One outlet frames the lawsuit as coming from the liquidators specifically, while others focus on the size of the estimated damages and DBS’s response, including its lack of provisioning. Overall, all accounts describe a dispute in which claimants seek substantial damages connected to alleged wrongdoing relating to 1MDB, and DBS contests liability.
The case reflects ongoing legal efforts by liquidators and authorities following the sprawling 1MDB investigation and related civil actions. Details on the specific allegations and how the claim connects to DBS are not provided in the summaries, but the figures and the bank’s stated stance are consistent across the reports.
