May 12, 2021
Kuala Lumpur: Malaysian state fund 1MDB is suing units of Deutsche Bank, JPMorgan and Coutts, according to court documents, the latest effort to recover massive losses from the scandal-hit investment vehicle.
Billions of dollars were looted from 1Malaysia Development Berhad in a globe-spanning fraud that involved former prime minister Najib Razak, and spent on everything from real estate to artwork.
The scandal played a large part in Najib´s long-ruling coalition losing power in 2018, and authorities have since been trying to claw back money looted from state coffers.
1MDB is suing Deutsche Bank (Malaysia) for $1.11 billion, JPMorgan (Switzerland) for $800 million and a Swiss-based unit of Coutts for $1.03 billion, according to documents filed at Kuala Lumpur High Court on Friday.
1MDB sues Deutsche Bank, JP Morgan, and Coutts Tuesday 11 May 2021 10:22 CET | News
Malaysia-based now-defunct 1MDB state fund has sued subsidiaries of Deutsche Bank, JP Morgan, and Coutts to recover billions in alleged losses from a corruption scandal at the fund.
According to The Guardian, 1MDB is claiming USD 1.11 billion from Deutsche Bank (Malaysia), USD 800 million from JP Morgan (Switzerland), and USD 1.03 billion from a Switzerland-based Coutts unit, and interest payments from all of them.
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 in May 2021.
Malaysia s Scandal-hit 1MDB Sues Banks
05/11/21 AT 7:23 AM
Malaysian state fund 1MDB is suing units of Deutsche Bank, JPMorgan and Coutts, according to court documents, the latest effort to recover massive losses from the scandal-hit investment vehicle.
Billions of dollars were looted from 1Malaysia Development Berhad in a globe-spanning fraud that involved former prime minister Najib Razak, and spent on everything from real estate to artwork.
The scandal played a large part in Najib s long-ruling coalition losing power in 2018, and authorities have since been trying to claw back money looted from state coffers.
1MDB is suing Deutsche Bank (Malaysia) for $1.11 billion, JPMorgan (Switzerland) for $800 million and a Swiss-based unit of Coutts for $1.03 billion, according to documents filed at Kuala Lumpur High Court on Friday.
Construction site site in Kuala Lumpur for one of 1MDB s urban projects Malaysia is suing units of Deutsche Bank, JPMorgan and private bank Coutts and a number of individuals including the country’s former prime minister Najib Razak to recover some more parts of losses totaling $23 billion from a corruption scandal at now-defunct state fund 1Malaysia Development Berhad, or 1MDB, The Edge and Financial Times reported. Among the banks, Malaysia through the legal entity of 1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia), $800 million from JPMorgan (Switzerland) and $1.03 billion from a Swiss Coutts unit, plus interest. The.
Construction site site in Kuala Lumpur for one of 1