DBS has rejected a lawsuit in which the claimants have estimated damages at S$1.298 billion.
The case is linked to the 1Malaysia Development Berhad scandal and related recovery efforts, according to Reuters.
The claim was brought by Affinity Equity International Partners, Blackrock Commodities (Global), Platinum Global Luxury Services and TKIL Global Investments, all of which are in liquidation.
Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh, in their capacity as liquidators of the four companies, are also named as claimants.
After consulting its legal advisers, DBS said it “categorically rejects and will vigorously resist the claim.”
The bank did not provide further details about the allegations.
Global recovery efforts involving 1MDB have been supported by legal counsel since 2018, DBS noted.
The bank added that no claim had been made against it during that period.
US investigators estimate that about US$4.5 billion was misappropriated from 1MDB between 2009 and 2014.
DBS has assessed that no provision is required for the claim at this stage.
Featured image: Edited by Fintech News Malaysia, based on image by DBS
