Reported about 7 hours ago
Standard Chartered Bank is facing a $2.7 billion lawsuit in Singapore, filed by administrators attempting to recover funds from the Malaysian sovereign wealth fund 1MDB, which claims the bank facilitated fraud resulting in significant financial losses over a decade ago. The bank has strongly denied these allegations, stating that previous claims against the involved companies are unfounded. Investigations have indicated that billions of dollars from 1MDB were misappropriated, with connections to high-profile figures including former Malaysian Prime Minister Najib Razak.
Source: YAHOO