KUALA LUMPUR — A bid by now defunct BSI Bank Limited to strike out a US$394 million (S$513 million) claim against it by scandal-hit Malaysian state fund 1Malaysia Development Berhad (1MDB) and its unit, Brazen Sky Limited, has been dismissed by Singapore's High Court, 1MDB said on Thursday (Aug 29).
Foliage partly covers a 1 Malaysia Development Berhad billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 3, 2015.KUALA LUMPUR — A bid by now defunct BSI Bank Limited to strike out a US$394 million claim against it by scandal-hit Malaysian state fund 1Malaysia Development Berhad and its unit, Brazen Sky Limited, has been dismissed by Singapore's High Court, 1MDB said on Thursday .
"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 1MDB's board said in a statement.
1MDB and Brazen Sky are seeking redress for large-scale financial losses due to unauthorised fund transfers and money laundering schemes allegedly orchestrated through accounts at the Singapore branch of BSI. The court's decision will now allow the case against BSI, which commenced in May, to proceed, 1MDB said.
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