Particle.news
Download on the App Store
4 ARTICLES
·
4d ago

Liquidators File $2.7 Billion Lawsuit in Singapore Against Standard Chartered Over 1MDB Fraud

Court-appointed liquidators allege breaches of anti-money laundering rules through over 100 suspicious transfers

Standard Chartered offices in Singapore. Liquidators say the lender was involved in allowing transfers of funds in breach of the country’s anti-money laundering rules

Overview

  • The suit was filed on July 1 in Singapore’s High Court by Kroll-appointed liquidators Angela Barkhouse and Toni Shukla on behalf of three companies in liquidation linked to 1MDB.
  • It seeks to recover more than US$2.7 billion that liquidators say was misappropriated from Malaysia’s sovereign wealth fund between 2009 and 2013.
  • The lawsuit claims Standard Chartered permitted over 100 intrabank transfers that concealed the flow of stolen funds and violated Singapore’s AML and client due diligence regulations.
  • Standard Chartered responded that it has not received the claim documents, emphatically rejects the allegations as without merit, and will vigorously defend the lawsuit.
  • The case is part of a broader international effort to recoup roughly US$4.5 billion stolen in the 1MDB scandal, which U.S. investigators say was orchestrated by fugitive financier Jho Low.