Two men were earlier handed prison sentences by a Swiss court for their roles in defrauding the state-run fund.
KUALA LUMPUR – 1Malaysia Development Berhad said its legal claim against BSI Bank will proceed after Singapore’s High Court dismissed the bank’s application to strike out the case.
BSI Bank acted in breach of its duty to exercise reasonable skill and care in executing Brazen Sky’s instructions and the operation of the account, according to 1MDB’s statement of claim in May. The multi-year prison sentences were justified, the court said in a statement released later, given “the very high amounts involved, the intensity of the criminal activity”, and the defendants’ “selfish motive”. The court also ordered the men to compensate 1MDB for the funds that were diverted, return part of the assets under seizure, and to have some of their assets confiscated.
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