By Katharine Gemmell and Liau Y-Sing
(Bloomberg) — Malaysia’s prime minister said a Singapore lawsuit involving DBS Group Holdings Ltd filed by liquidators of four 1Malaysia Development Bhd-linked firms is also about reclaiming the country’s credibility.
“This recovery effort is not merely about reclaiming lost funds,” Anwar Ibrahim, Malaysia’s prime minister and finance minister, said in a statement Sunday acknowledging the claim. “Trust, confidence in institutions, and Malaysia’s standing among international partners were also compromised during this dark chapter in the nation’s history.”
The claim, filed in the Singapore’s High Court, seeks around $1 billion in damages from DBS on behalf of four companies now in liquidation that were linked to one of the biggest financial frauds in history. DBS said it “categorically rejects and will vigorously resist” the claim.
The move against Singapore’s largest bank shows how the fallout from the scandal continues to reverberate years after billions were allegedly siphoned from 1MDB.
Malaysia’s total financial obligation tied to the 1MDB scandal stands at RM51.4 billion (US$12.6 billion), with asset recovery efforts so far receiving RM31.3 billion, according to the government’s Sunday statement. Among the settlements, JPMorgan Chase & Co. agreed to pay RM1.4 billion last year.
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