SINGAPORE, Aug. 29, 2024 /PRNewswire/ -- In a significant legal development, the High Court of Singapore has dismissed an application by BSI Bank Limited (now in liquidation) (BSI) to strike out the US$394 million claim brought against it by 1Malaysia Development Berhad (1MDB) and its subsidiary, Brazen Sky Limited.
The case, which commenced on 2 May 2024, sees 1MDB and Brazen Sky seeking redress for large-scale financial losses said to be suffered as a result of unauthorised fund transfers and money laundering schemes orchestrated through accounts at BSI. The claim alleges that BSI and several of its former officers facilitated these transfers, assisting in the misappropriation of 1MDB's assets.
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