1MDB Suit Against BSI to Proceed After Appeal Loss
An appeal by BSI Bank to strike out a legal claim by 1MDB in Singapore has failed. The case, involving hundreds of millions of dollars, will now proceed.
Singapore’s High Court has dismissed an appeal by BSI Bank to strike out a $394 million claim against it by 1MDB and subsidiary Brazen Sky. According to a statement issued by London-based Byfield Consultancy on behalf of 1MDB, the dismissal will allow the case to proceed in full.
1MDB and Brazen Sky are seeking redress for financial losses, accusing BSI and its former executives of facilitating unauthorized fund transfers and money laundering. This is part of broader efforts by 1MDB to recover misappropriated assets.
Based in Lugano, Switzerland, BSI was forced by the Monetary Authority of Singapore to shut down its operations in 2016, marking the first withdrawal of a banking license in the city-state since 1984.
