The liquidators, from advisory firm Kroll, said the claim had been “filed against and served” on DBS over four entities they described as “companies through which funds misappropriated from 1Malaysia Development Berhad (“1MDB”) were channelled”.
They named the companies as Affinity Equity International Partners Ltd, Blackrock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd and TKIL Global Investments Ltd, all of which are in liquidation.
The claim seeks damages of about $1.024 billion, the statement said.
In a separate statement on Wednesday, DBS said it “has consulted its legal advisers, and categorically rejects and will vigorously resist the claim”.
The bank did not give details about the lawsuit, but said: “It is a matter of public record that there have been global recovery efforts relating to 1Malaysia Development Berhad.”
Last year, court-appointed liquidators representing three former 1MDB-linked companies — Alsen Chance Holdings, Blackstone Asia Real Estate Partners and Brightstone Jewellery — sued Standard Chartered Bank in Singapore, claiming $2.7 billion in damages.
In June, Standard Chartered lost an appeal to dismiss the civil lawsuit after Singapore’s High Court allowed it to proceed. No trial date has been set.
Allegations of massive corruption in 1MDB triggered investigations across the world and led to the jailing in 2022 of its founder, former Malaysian leader Najib Razak.
Najib and top officials allegedly looted billions from the fund to splurge on luxury assets.
The scandal shook Malaysian politics, contributing to the 2018 downfall of Najib and the ruling coalition that had governed since independence in 1957.
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