DBS said late Wednesday in a filing that it plans to challenge a S$1.3 billion claim, roughly $1 billion. In a separate statement, court-appointed liquidators for four companies tied to 1Malaysia Development Bhd. said the lawsuit had been lodged in Singapore. The firms named are Affinity Equity International Partners, Blackrock Commodities (Global), Platinum Global Luxury Services, and TKIL Global Investments, all in liquidation.
DBS stated it "categorically rejects and will vigorously resist" the lawsuit, adding that, at this stage, it sees no requirement to set aside provisions. The bank also noted, "It is a matter of public record that there have been global recovery efforts," and said those efforts were connected to 1MDB and have been backed by legal counsel since 2018, adding, "All this time, there was no claim against DBS." In short, the bank is signaling it will contest the allegations while saying it does not see a need to set aside funds right now.
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This traces back to 1MDB, the Malaysian sovereign wealth fund at the center of a sprawling fraud that sparked investigations worldwide. The investigations culminated in prison sentences for ex-Goldman Sachs executives as well as a former Malaysian prime minister.
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