Singapore Stops 1MDB Liquidators from Suing StanChart, BSI Bank

(Bloomberg) – Singapore Supreme Court prevented foreign liquidation officers from suing standard Chartered PLC and BSI Bank Ltd.

“The result is leaving the applicants without easily applying to the participants in terms of seemingly suspicious transactions,” the City State Court said in a decision last week. He said.

A standard rented spokesman said the bank welcomed the court’s decision.

The liquidation officers began legal proceedings against the London-based bank in Singapore, according to July, and claimed that the plaintiffs allowed standard Chartered to transfer more than 100 intratirs between 2009-2013. According to liquidation officers, these transfers led to a loss of $ 2.7 billion for the plaintiffs and $ 20 million ($ 15.5 million) in public funds.

The 1MDB scandal was one of the biggest financial fraud in history, and the stolen funds were estimated to exceed $ 4 billion. Global investigations, former Goldman Sachs Group Inc. It led to the imprisonment of its rulers and a former Malaysian Prime Minister. Malaysian financier Jho Low is still fugitive.

In 2016, Singapore officials had a fine of $ 5.2 million against Standard Chartered in 2016 for anti -money laundering violations. Other banks were fined.

Singapore officials closed the BSI’s unit in 2016 to violate the rules of money laundering, and fined the company for inability to make the necessary determination in high -risk accounts and did not follow suspicious customer transactions.

Business Times has previously reported about the decision.

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