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 confirmed claims for damages filed by four companies' liquidators against DBS Bank. These claims total more than S$1 billion (RM3.22 billion) and are linked to five accounts opened in 2013 by Eric Tan, associate of Jho Low. The taskforce stated that Tan was the sole beneficial owner and signatory for all accounts, acting as Jho Low's proxy.
Once the money entered these accounts, it was moved between the four companies without a valid reason and paid out to various third parties, including jewelers, a private jet charterer, nightclubs, and for the purchase of a superyacht. Between 2013 and 2014, over US$1 billion (RM4.07 billion) stolen from 1MDB and SRC International passed through these accounts.
The taskforce welcomed the action taken by the four companies' liquidators, emphasizing the importance of banks as gatekeepers of the financial system and expressing that any recovered money will 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.
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