1MDB sues Deutsche Bank, JP Morgan, and Coutts

Tuesday 11 May 2021 10:22 CET | News

Malaysia-based now-defunct 1MDB state fund has sued subsidiaries of Deutsche Bank, JP Morgan, and Coutts to recover billions in alleged losses from a corruption scandal at the fund.

According to The Guardian, 1MDB is claiming USD 1.11 billion from Deutsche Bank (Malaysia), USD 800 million from JP Morgan (Switzerland), and USD 1.03 billion from a Switzerland-based Coutts unit, and interest payments from all of them.

The claims are premised on ‘negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance’, 1MDB said in the documents, filed at a Kuala Lumpur court in May 2021.

Malaysia’s finance ministry said on Monday that 1MDB and a former unit had filed 22 civil suits seeking to recover more than USD 23 billion in assets from entities and people allegedly involved in defrauding the fund and its ex-subsidiary.

Malaysian and US investigators say at least USD 4.5 billion was stolen from 1MDB between 2009 and 2014, in a scandal that has implicated high-level officials, banks, and financial institutions around the world.

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Keywords: Deutsche Bank, JP Morgan, banks, financial institutions
Categories: Banking & Fintech
Countries: United Kingdom
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