SINGAPORE: The Singapore High Court on Thursday has dismissed the application by BSI Bank Limited (BSI) to strike out the US$394 million claim brought against it by 1Malaysia Development Berhad (1MDB) and its subsidiary, Brazen Sky Limited.
1MDB said the dismissal, subject to appeal, allows the case against BSI to proceed.
The case, which commenced on May 2, sees 1MDB and Brazen Sky seeking redress for large-scale financial losses said to be suffered as a result of unauthorised fund transfers and money laundering schemes orchestrated through accounts at BSI.
The claim alleges that BSI and several of its former officers facilitated these transfers, assisting in the misappropriation of 1MDB’s assets. BSI was placed into members’ voluntary liquidation in 2017.
“We are pleased this application has been denied and are committed to holding accountable the institutions and individuals involved in misappropriating money from Malaysia’s sovereign wealth fund, while ensuring the recovery and restitution of these assets back to the Malaysian people,” a spokesperson for the 1MDB board said in a statement.
1MDB said the action forms part of its ongoing global asset recovery efforts to reclaim billions of dollars of misappropriated funds.
