Singapore Court Allows 1MDB Case Against BSI

The High Court of Singapore has allowed 1Malaysia Development Berhad (1MDB) to proceed with a US$394 million claim against BSI Bank Limited for unauthorized fund transfers and alleged money laundering schemes. This dismissal comes as part of 1MDB's global efforts to recover billions misappropriated from the fund, linked to a massive financial scandal that led to the downfall of Malaysia's former Prime Minister Najib Razak. A spokesperson for 1MDB expressed commitment to holding accountable those involved in the misappropriation of funds. Additionally, in a related development, two executives from PetroSaudi were recently convicted in Switzerland for embezzling US$1.8 billion from 1MDB. The case against BSI is significant as it seeks to address large-scale financial losses suffered by 1MDB and its subsidiary Brazen Sky Limited. BSI Bank, now in liquidation, has faced legal troubles stemming from its involvement in the broader 1MDB scandal.