1MDB wins key ruling in Singapore as BSI Bank loses appeal over RM1.6b suit
KUALA LUMPUR, June 2 — A Singapore court has allowed 1MDB and its subsidiary Brazen Sky Limited to proceed with a US$394 million (RM1.68 billion) claim against BSI Bank over alleged misconduct in the global corruption scandal.
According to a statement from plaintiff's representative, the High Court dismissed BSI Bank's attempt to strike out the lawsuit, reinforcing efforts to hold financial institutions accountable for their role in the scandal.
1MDB is accusing BSI and its former officers of facilitating the illegal transfer and laundering of public funds.
The rejected appeal strengthens Malaysia's campaign to recover billions lost through corruption and mismanagement.
'We are pleased this application has been denied and are committed to holding accountable the institutions and individuals involved in misappropriating money from Malaysia's sovereign wealth fund,' a 1MDB spokesman said.
'Through this action and others around the world, we will ensure the rightful recovery and restitution of these assets back to the Malaysian people.'
The court also ordered BSI, now in liquidation, to pay the legal costs of 1MDB and Brazen Sky.
BSI has already been convicted in Switzerland over money laundering linked to the same scandal.
Swiss authorities are now updating the conviction to highlight the specific crimes against 1MDB entities.
Meanwhile, Brazen Sky's joint liquidators have filed a related claim against BSI and its former executives.
Legal teams in Singapore and Kuala Lumpur are coordinating the asset recovery efforts in multiple jurisdictions.
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