SINGAPORE (Bernama): A lawsuit against Standard Chartered Bank over its alleged role in the 1Malaysia Development Bhd (1MDB) scandal will proceed to trial in Singapore following a court order.
In a statement on Wednesday (July 1), the independent court-appointed liquidators of the claimants said the Singapore High Court on Tuesday upheld the dismissal of Standard Chartered Bank's strike-out application, allowing the US$2.7 billion (US$1 = RM4.08) claim to proceed.
In November 2025, the Singapore High Court dismissed the bank's application to strike out the suit filed against it by the liquidators, prompting the bank to appeal the decision.
According to media reports, the suit was filed in June 2025 by Angela Barkhouse and Toni Shukla on behalf of former 1MDB subsidiaries Alsen Chance Holdings Ltd, Blackstone Asia Real Estate Partners Ltd and Brightstone Jewellery Ltd.
The suit alleged that the bank authorised over 100 intra-bank transfers that helped conceal misappropriated funds while ignoring multiple red flags.
According to the statement, the liquidators remained resolute in their commitment to recover the assets misappropriated from the companies and to hold accountable those responsible for facilitating the misappropriation of those assets as part of the wider fraud involving 1MDB.
"The liquidators welcome the dismissal of the bank’s appeal as a positive step forward for their recovery efforts, which are ultimately for the benefit of the people of Malaysia," it said.
A Standard Chartered spokesperson told Bernama that the bank intended to seek permission to file a further appeal.
The claimants are represented by Lok Vi Ming SC, Joseph Lee, Mohd Haireez, Tan Kah Wai and Koo Jin Rong of LVM Law Chambers LLC.
Lim Chee Wee Partnership of Kuala Lumpur acts as global co-ordinating counsel for all 1MDB-related asset recovery efforts in Malaysia and abroad.
-- BERNAMA
