1MDB to proceed with RM1.7bil legal claim against BSI Bank

Earlier, on Aug 28, PetroSaudi’s Patrick Mahony (left) and Tarek Obaid were found guilty of fraud for their roles in a scam to defraud 1MDB. - PHOTO: AFP

KUALA LUMPUR/SINGAPORE (Bloomberg): 1Malaysia Development Bhd. said its legal claim against BSI Bank Ltd. will proceed after the High Court in Singapore dismissed the bank’s application to strike out the case.

1MDB and its subsidiary, Brazen Sky, are seeking US$394 million (RM1.7 billion) from BSI Bank for the losses it suffered from schemes orchestrated through accounts at the bank, which was placed under liquidation in 2017, the troubled state fund said late Thursday.