DBS ‘categorically rejects’ S$1.3 billion claim by 1MDB-linked entities under liquidation
The bank has assessed that no provisions are required at this stage
DBS has firmly rejected a S$1.298 billion claim for damages filed by four entities under liquidation and their liquidators in relation to the 1Malaysia Development Berhad (1MDB) scandal. The bank stated that it has consulted its legal advisers and will "vigorously resist" the claim. DBS confirmed that there have been global recovery efforts for 1MDB since 2018, and no claim has been made against the bank during this period. The bank also assessed that no provisions for the claim are necessary at this stage.
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