Malaysia Enters 1MDB-Linked Mediation With Julius Baer
Mediation talks have commenced between Malaysia and Julius Baer in a bid to settle a case involving the Swiss bank’s alleged role in the 1MDB scandal.
Malaysia has entered mediation talks with Julius Baer in an effort to potentially settle a $112 million lawsuit filed against the Swiss bank by failed 1MDB-linked unit SRC International (Malaysia), according to a «Bloomberg» report citing Johari Abdul Ghani, chairman of the 1MDB asset recovery task force.
SRC sued the bank in 2021, claiming a breach of fiduciary role, and according to the lawsuit, Julius Baer carried out the payments from 2013 to 2016 even though the 1MDB scandal had been publicized which Malaysia views as ground for suspicion.
In its earnings report for the first half, Julius Baer said it was contesting the claims while taking appropriate measures to defend its interests.
