Malaysia s 1MDB, ex-unit seek recovery of $23 bln in assets by Reuters
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(Adds detail from report on banks, others being sued)
KUALA LUMPUR, May 10 (Reuters) - Malaysian state fund 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them, the finance ministry said on Monday.
The ministry, in a statement on the suits, did not identify any of the individuals or entities being sued but said two foreign financial institutions were among them.
The Edge business daily, citing court documents that it said it had seen, reported that JP Morgan and Deutsche Bank were among those being sued.
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KUALA LUMPUR (Reuters) - Malaysia s now-defunct 1MDB state fund is suing units of Deutsche Bank, J.P. Morgan and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed.
1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit.
The claims are premised on negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance , 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.
Malaysia’s GDP seen contracting 1.9% in Q1 GDP fell 3.4% in Q4 and 5.6% for 2020 Coronavirus lockdowns pose downside risks to growth - Capital Economics Q1 GDP data due on Tuesday, May 11, 0400 GMT
KUALA LUMPUR, May 7 (Reuters) - The Malaysian economy should see a less severe slump in the first quarter of 2021 than it did in the previous three months, helped by resilient manufacturing activity and growing external demand, according to economists polled by Reuters.
The economy is seen contracting 1.9% in the period of January to March, according to the median estimate of a Reuters poll of 11 economists, an improvement on a 3.4% contraction recorded in the fourth quarter of last year.
(Adds details, economist comments)
KUALA LUMPUR, May 6 (Reuters) - Malaysia’s central bank left its benchmark interest rate unchanged at a record low on Thursday as the country pushes ahead with a COVID-19 vaccination drive amid a resurgence in infections that poses risks to its economic recovery.
Bank Negara Malaysia (BNM) held its overnight policy rate steady at 1.75%, as expected by all 13 economists in a Reuters poll.
The central bank said the latest indicators point to continued improvements in activity in the first quarter and into April, and expects fresh lockdown measures to contain the recent spike in coronavirus cases to have a “less severe” effect on the economy.