The 1Malaysia Development Berhad (1MDB) scandal has taken a new turn after the Singapore High Court approved a $2.7 billion case against Standard Chartered Bank on November 24. This major development adds a powerful new player to the growing list of global institutions linked to the scandal, where over $4.5 billion meant for Malaysia’s development was stolen and diverted into luxury spending and Hollywood projects.
The UK-based Standard Chartered attempted to block the lawsuit, but the court ruled that evidence must be examined. The bank is accused of allowing high-risk money transfers connected to 1MDB without raising alarms, which investigators say helped hide the origins of stolen funds.
How Standard Chartered Got Pulled Into the 1MDB Web
Investigators claim that between 2009 and 2013, Standard Chartered allowed over 100 suspicious transfers involving multiple banks, making it easier for fugitive financier Jho Low and his associate Eric Tan to move stolen
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