Singapore High Court dismisses Standard Chartered’s appeal to strike out US$2.7 billion 1MDB-linked lawsuit
Singapore Law Watch
The Singapore High Court dismissed Standard Chartered's appeal to strike out a $2.7 billion lawsuit linked to the 1MDB scandal, allowing the case to proceed to trial.Summary
The Singapore High Court rejected Standard Chartered Bank's appeal to dismiss a $2.7 billion lawsuit tied to the 1MDB scandal, upholding a prior ruling that allowed the case to proceed to trial. The lawsuit alleges the bank facilitated the concealment of stolen funds through over 100 intra-bank transfers between 2009 and 2013, violating anti-money laundering regulations. Key transactions included transfers to Malaysian officials and shell companies. Standard Chartered vowed to defend the case, calling the claimants' entities fraudulent, while liquidators emphasized the ruling's significance for recovering misappropriated assets.
(Source：Singapore Law Watch)