1st Jul 2025 09:27
(Alliance News) - Standard Chartered PLC faces a lawsuit filed in Singapore on Monday that seeks more than USD2.7 billion from the bank over its alleged role in the theft of funds from Malaysia's sovereign wealth fund, the Financial Times reported on Tuesday.
StanChart shares were down 1.2% to 1,193.00 pence in London early Tuesday. The wider FTSE 100 index was marginally higher.
The London-based, Asia and Africa-focused lender is accused by liquidators of 1MDB of failing to conduct required anti-money laundering checks, the FT said, citing "people with knowledge of the claim". The lawsuit claims that between 2009 and 2013, StanChart permitted more than 100 intra-bank transfers that helped to conceal the flow of billions of dollars of funds stolen from 1MDB.
The FT said StanChart told it in a statement that it had not yet received the claim documents and it "emphatically rejects any claims" by the 1MDB companies.
By Tom Waite, Alliance News editor
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