US EditionStandard Chartered Hit with $2.7bn Lawsuit over 1MDB Scandal
- Court-Appointed liquidators filed a $2.7 billion lawsuit on July 1, 2025, in Singapore against Standard Chartered for alleged 1MDB fraud involvement.
- The lawsuit claims that from 2009 through 2013, Standard Chartered Bank approved more than 100 internal transfers that facilitated the concealment of stolen money, thereby breaching anti-money laundering regulations.
- The transfers funneled millions to former Malaysian Prime Minister Najib Razak's account and to vendors for luxury goods linked to his wife Rosmah Mansor.
- Standard Chartered denies all claims, stating it has not seen the legal documents, emphasized commitment to fighting financial crime, and plans vigorous defense.
- In 2016, Singapore’s Monetary Authority imposed a $5.2 million penalty on Standard Chartered for serious AML violations, while investigations into this global fraud are ongoing across several countries.
27 Articles
27 Articles
Standard Chartered Bank faces US$2.7bil lawsuit over alleged role in 1MDB fraud
KUALA LUMPUR: Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1MDB have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses.
Standard Chartered faces $2.7 billion legal action over fraud allegations from Malaysia's 1MDB fund
Liquidators of 1MDB (1Malaysia Development Berhad), a sovereign wealth fund, have filed a lawsuit against Standard Chartered Bank, alleging that the bank enabled fraud which led to more than $2.7 billion in financial losses over 10 years ago.
Standard Chartered Bank faces US$2.7 billion lawsuit in Singapore over alleged role in 1MDB fraud
KUALA LUMPUR: Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1Malaysia Development Berhad (1MDB) have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over US$2.7 billion in financial losses.
Standard Chartered Bank faces $2.7 billion lawsuit over alleged role in 1MDB fraud
Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1MDB have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses.
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