Malaysia's Ministry of Finance has provided an update on a claim filed in the Singapore High Court against DBS Bank by four companies in liquidation, acting with court-appointed liquidators. The companies are seeking about SGD 1.298 billion in damages over funds allegedly misappropriated from 1Malaysia Development Berhad and SRC International Sdn Bhd. The claim concerns five DBS accounts opened by the companies in 2013. Account documents identified Tan Kim Loong, also known as Eric Tan, as the companies' sole beneficial owner and the signatory for all five accounts, which allegedly channeled more than USD 1 billion in misappropriated funds between 2013 and 2014. The government has received MYR 31.3 billion through asset recoveries against total 1MDB obligations of MYR 51.4 billion, comprising MYR 42.5 billion already paid and MYR 8.9 billion in outstanding debt. The remaining loss to the government is estimated at MYR 20 billion. Recovered funds are used to service existing debts and financial liabilities linked to 1MDB and SRC.
2026-09-13Ministry of Finance (Malaysia)
Malaysia's Ministry of Finance updates on SGD 1.298 billion claim against DBS tied to 1MDB and SRC funds
Malaysia's Ministry of Finance has updated on a Singapore High Court claim seeking about SGD 1.298 billion from DBS over funds allegedly misappropriated from 1MDB and SRC. The claim concerns five accounts allegedly used to channel more than USD 1 billion, while the government's remaining loss from the 1MDB scandal is estimated at MYR 20 billion.