COURT-appointed liquidators of four companies have filed a S$1.298 billion damages claim against DBS Bank in the Singapore High Court over alleged transfers of funds linked to the 1Malaysia Development Bhd (1MDB) scandal.
The claim, equivalent to about US$1.03 billion, was brought by liquidators for BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners and TKIL Global Investments Ltd.
According to the 1MDB Asset Recovery Taskforce, all five DBS accounts were opened in 2013 and were linked to Eric Tan Kim Loong, described as a close associate and proxy of fugitive financier Low Taek Jho, better known as Jho Low.
Account documentation identified Tan as the sole beneficial owner and authorised signatory for all five accounts, the taskforce said.
The statement of claim alleges that more than US$1 billion in funds misappropriated from 1MDB and SRC International were repeatedly transferred among the four companies in 2013 and 2014 without valid commercial justification before being channelled to third parties.
The alleged payments included expenditures on luxury jewellery, private jet charter services, nightclubs and the purchase of a superyacht.
The taskforce said the case highlighted the role of financial institutions as gatekeepers against the movement of illicit funds, alleging that DBS failed to make necessary inquiries despite the companies processing large transactions linked to luxury expenditures.
The legal action seeks to recover the funds through the liquidation proceedings.
DBS has rejected the claim and said it would vigorously defend the lawsuit. The bank has also said it has not made any provision for the claim.
The taskforce welcomed the lawsuit, saying any funds recovered by the liquidators would ultimately be returned to the Malaysian public as the misappropriated assets belonged to 1MDB. - September 11, 2026
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