Liquidators file legal proceedings against Standard Chartered Bank over 1MDB fraud

[KUALA LUMPUR] Liquidators seeking to recoup misappropriated funds from Malaysia’s sovereign wealth fund 1MDB have initiated legal proceedings against Standard Chartered Bank in the High Court of Singapore, they said in a statement dated Jun 30.

The liquidators are seeking to hold the bank accountable for its alleged role in enabling fraud related to the multibillion-dollar financial scandal, the statement said.

Three companies in liquidation linked to 1MDB say financial breaches and control failings by Standard Chartered between 2009 and 2013 led to financial losses of over US$2.7 billion, the liquidators said. REUTERS