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The scandal-ridden state fund 1Malaysia Development (1MDB) has dropped its $1 billion civil lawsuit against its former law firm Wong & Partners and the head of its corporate practice, Brian Chia, over losses suffered by the fund, media reports said.
According to the Malay Mail, 1MDB, represented by Chee Wee Partnership, withdrew its suit earlier this month. 1MDB had sued Wong & Partners, Baker McKenzie’s Malaysia member firm, and Chia for breach of contractual, statutory, common law and fiduciary duties, as well as dishonest assistance that led to misappropriation of funds from the group, the newspaper added.
In May, Malaysia’s Finance Ministry had confirmed that 22 lawsuits were filed by 1MDB and its former subsidiary SRC International, with the defendants including Wong & Partners and Chia.
MalaysiaBrian-chiaChee-wee-partnershipMalaysia-developmentMalaysia-finance-ministryMalay-mailBaker-mckenzieFinance-ministryமலேசியாபிரையன்-சியாமலேசியா-வளர்ச்சிமலேசியா-நிதி-அமைச்சகம்PETALING JAYA: Three law firms filed a total of 21 suits on behalf of 1Malaysia Development Bhd (1MDB) and its subsidiary SRC International Sdn Bhd as the two entities seek to regain over US$23bil (RM94.5bil) in funds from entities who allegedly siphoned it from them.
The suits were filed by Rosli Dahlan Saravana Partnership, Skrine & Co and Lim Chee Wee Partnership on Friday (May 7) at the Kuala Lumpur High Court and the Shah Alam Sessions Court.
Among the plaintiffs in the suits include 1MDB subsidiaries such as 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd, formerly known as 1MDB Global Investments Ltd.
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