DBS sued for more than S$1.2 billion in 1MDB-related lawsuit, says it 'categorically rejects' claims

DBS has been sued for an estimated S$1.298 billion in damages supposedly related to the 1Malaysia Development Berhad (1MDB) scandal, Reuters reported on Sep. 9.

The claimants include the liquidators of four companies: BlackRock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners ​and TKIL Global Investments.

The liquidators confirmed to Reuters that they have served the damages claim.

DBS has put out an online statement, saying that they "categorically [reject] and will vigorously resist the Claim."

They further added that despite the fact that global recovery efforts related to the 1MDB case have been ongoing since 2018, there has been no claim against DBS the entire time.

Background

1MDB was a Malaysian sovereign wealth fund established by former Malaysian prime minister Najib Razak.

It became the subject of a massive scandal in 2015 after it transpired that the fund was being embezzled by Najib and other perpetrators.

Najib channelled over RM2.67 billion (S$829 million) into his personal bank accounts.

The purported mastermind of the embezzlement, Malaysian businessman Jho Low, spent the funds on luxury condominiums, superyachts, and other lavish indulgences.

In total, investigations estimate that about US$4.5 billion (S$5.68 billion) was stolen from 1MDB.

Najib has been under arrest since 2018 and was found guilty of all charges in 2025.

Low is still at large and most recently asked U.S President Donald Trump for a pardon.

https://mothership.sg/2025/12/najib-jail-1mdb-charges

https://mothership.sg/2026/05/jho-low-trump-pardon

The lawsuit

Some of the companies filing the suit against DBS may not be what they seem.

While they may bear names resembling some of the largest players in global finance, they might be shell companies implicated in the 1MDB scandal, according to reports.

According to The Edge, these companies were set up by Low for money laundering purposes, hoping that legitimate-sounding names would facilitate international bank transfers.

For instance, the named "BlackRock Commodities (Global)" is unreleated to BlackRock, Inc., the largest investment fund in the world. The Edge reported that the beneficial owner of BlackRock Commodities (Global)'s bank account was listed as one Eric Tan Kim Loong, a "trusted associate" of Low's.

"Affinity Equity International Partners" seems to be named after Affinity Equity Partners, one of the largest private equity firms in Asia.

In a report by the New Straits Times, an analyst from the Central Bank of Malaysia detailed how funds from 1MDB were moved into these shell companies, controlled by Low's close associate Tan.

These shell companies then transferred the money into Najib's bank account.

It is not known what allegations these companies are suing DBS for.

DBS is not the first bank in Singapore to be implicated in legal action pertaining to the 1MDB scandal.

In July 2025, Reuters reported that claimants filed a S$3.5 billion lawsuit against Standard Chartered Bank, alleging that they had facilitated and permitted intra-bank transfers that obfuscated the flow of stolen 1MDB funds.