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Malaysia sues Deutsche Bank, JP Morgan, Coutts over 1MDB

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Construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund's flagship Tun Razak ...

Construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund's flagship Tun Razak ... (AP photo)

Malaysia 1MDB fund is suing units of Deutsche Bank and J.P. Morgan, and Coutts & Co Ltd to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed on Monday (May 10).

1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from Coutts, and interest payments from all of them, according to documents filed at a Kuala Lumpur court.

Malaysia's finance ministry said earlier on Monday that 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them.


Updated : 2021-06-18 16:06 GMT+08:00