US Edition
Standard Chartered Hit with $2.7bn Lawsuit over 1MDB Scandal
- On July 1, 2025, court-appointed liquidators filed a $2.7 billion lawsuit in Singapore against Standard Chartered for its alleged role in a 1MDB fraud scheme.
- The lawsuit claims that over a span of several years starting in 2009, Stanchart allowed more than 100 internal transfers within the bank which obscured stolen money and failed to act on evident signs of fraudulent activity.
- The liquidators for three companies linked to 1MDB allege that more than $2.7 billion USD and an additional SGD 20 million in public funds were misappropriated through transfers related to luxury purchases and payments to affiliated parties.
- Standard Chartered stated on July 1 that it has not received legal claims, rejects all accusations, and emphasized it takes fighting financial crime extremely seriously with strengthened controls.
- This lawsuit marks a continuing effort to recover misappropriated 1MDB funds and raises questions about accountability of financial institutions in global money laundering cases.
28 Articles
28 Articles
Standard Chartered Bank faces US$2.7bil lawsuit over alleged role in 1MDB fraud
KUALA LUMPUR: Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1MDB have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses.
Standard Chartered faces $2.7 billion legal action over fraud allegations from Malaysia's 1MDB fund
Liquidators of 1MDB (1Malaysia Development Berhad), a sovereign wealth fund, have filed a lawsuit against Standard Chartered Bank, alleging that the bank enabled fraud which led to more than $2.7 billion in financial losses over 10 years ago.
Standard Chartered Bank faces US$2.7 billion lawsuit in Singapore over alleged role in 1MDB fraud
KUALA LUMPUR: Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1Malaysia Development Berhad (1MDB) have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over US$2.7 billion in financial losses.
Standard Chartered Bank faces $2.7 billion lawsuit over alleged role in 1MDB fraud
Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1MDB have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses.
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