1MDB reaches settlement with Deutsche Bank in US$1.1bil suit
The settlement marks the latest resolution in efforts to recover money linked to the multibillion-dollar fraud.
The Malaysian state investment fund, 1MDB, has reportedly reached a proposed settlement with Deutsche Bank AG in a US$1.1 billion lawsuit, according to recent reports. This marks another resolution in the ongoing pursuit to recover funds implicated in the massive fraud case. The Malaysian High Court has been made aware of the proposed settlement, as revealed by 1MDB's lawyer, Lim Chee Wee, during a separate hearing at the country's top court in Putrajaya.
The agreement is expected to be finalized following a scheduled hearing for Deutsche Bank on October 26.
The settlement is part of the legal fallout following the alleged siphoning of billions of dollars from the 1MDB fund. Currently, Malaysia is still grappling with RM51.4 billion in financial obligations stemming from the scandal. Despite these ongoing efforts, recovery efforts have managed to generate RM31.3 billion, as disclosed by the government. Notably, JPMorgan Chase & Co. agreed to pay RM1.4 billion in a separate settlement related to 1MDB earlier this year.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- 1MDB reaches settlement with Deutsche Bank in US$1.1 billion lawsuit businesstimes.com.sg
- 1MDB reaches settlement with Deutsche Bank in US$1.1bil suit freemalaysiatoday.com
