[SINGAPORE] Liquidators seeking to recoup misappropriated funds from Malaysia’s sovereign wealth fund 1Malaysia Development Berhad (1MDB) have initiated legal proceedings against Standard Chartered Bank in the High Court of Singapore, they said in a statement dated Monday (Jun 30).
The lawsuit, brought by court-appointed liquidators Angela Barkhouse and Toni Shukla, seeks to hold StanChart accountable for its role in allegedly enabling fraud to be committed against 1MDB and the systematic theft of funds.
Three companies in liquidation linked to 1MDB – Alsen Chance Holdings, Blackstone Asia Real Estate Partners and Brightstone Jewellery – said financial breaches and control failings by StanChart between 2009 and 2013 led to financial…