DBS faces $1 billion lawsuit in Singapore High Court linked to Jho Low associate

Southeast Asia’s biggest bank just got slapped with a billion-dollar lawsuit tied to one of the largest financial frauds in history. DBS Group Holdings is facing a claim of S$1.298 billion, roughly US$1.03 billion, filed in Singapore’s High Court by liquidators of four companies linked to the sprawling 1MDB scandal. The companies at the center of the case, Blackrock Commodities (Global) Ltd., Affinity Equity International Partners Ltd., Platinum Global Luxury Services Ltd., and TKIL Global Investments Ltd., all held accounts at DBS under the signature of Malaysian national Eric Tan. Tan is a known close associate of fugitive financier Jho Low, the man widely regarded as the architect of the 1MDB theft. What the lawsuit alleges The claim was filed by liquidators Jason Aleksander Kardachi and Karnjote Singh, who are tasked with recovering assets from the four companies. According to the 1MDB Asset Recovery Taskforce, more than US$1 billion in funds misappropriated from Malaysia’s state fund 1MDB and the related entity SRC International flowed through these companies during 2013 and 2014. Five DBS accounts were opened in 2013, with Eric Tan listed as the sole beneficial owner and sign...