1MDB taskforce backs S$1b claim against DBS over Jho Low-linked accounts
KUALA LUMPUR, Sept 11 — The 1Malaysia Development Bhd (1MDB) Asset Recovery Taskforce said claims for damages file...
On September 11, the 1Malaysia Development Bhd (1MDB) Asset Recovery Taskforce expressed support for a claim of over S$1 billion (RM3.22 billion) made against DBS Bank by four companies' court-appointed liquidators. These liquidators are suing the Singapore-based bank over accounts that were allegedly opened by Eric Tan, a close associate of Jho Low, in 2013.
The taskforce revealed that the five accounts were linked to Tan and were used to move money between the four companies—BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners, and TKIL Global Investments Ltd—for no valid reason. The taskforce stated that this money, totaling more than US$1 billion (RM4.07 billion), was obtained from 1MDB and SRC International and subsequently used for luxury goods, a private jet charter, nightclub payments, and the acquisition of a superyacht.
The taskforce emphasized that such actions by shell companies with no business are a cause for concern, as banks should be vigilant when large amounts move through such entities. The taskforce further affirmed its stance that this claim by the court-appointed liquidators is legitimate, and any recovered funds would ultimately benefit the Malaysian people.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
