Having settled its differences with Goldman Sachs, Malaysia has embarked upon a new round of litigation including suits against Deutsche Bank, JPMorgan and Coutts over failed state investment fund 1MDB.
A filing seen by Euromoney was light on detail – it says that the body of claims overall, including several against individuals, are based on “negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance” – but did show the amounts being claimed.
Malaysia wants $1.1 billion from Deutsche, $800 million from JPMorgan, and $1.03 billion from Coutts
Malaysia wants $1.1 billion from Deutsche, $800 million from JPMorgan, and $1.03 billion from Coutts.
For clues as to why these suits have been raised, our best source is the Department of Justice complaint that was filed back in 2016.
This goes into detail about a $1 billion-equivalent foreign exchange transfer from 1MDB into the bank account of a joint venture between 1MDB and PetroSaudi, handled by Deutsche, of which $700 million was eventually diverted to another account, called Good Star.
Beneficial owner
This was beneficially owned by Low Taek Jho, usually known as Jho Low and allegedly the main protagonist in the whole scandal.
This