DBS rejects S$1.3b 1MDB-linked claim and vows to ‘vigorously resist’

DBS said that it sees no provisions needed at this point in time.

DBS said that it “categorically rejects” an estimated $1.03b (S$1.298b) claim related to the 1Malaysia Development Board (1MDB).

“DBS has consulted its legal advisers, and categorically rejects and will vigorously resist the claim,” the Singaporean bank said in a statement on 9 September.

A lawsuit has been filed by Affinity Equity International Partners Limited (in liquidation), Blackrock Commodities (Global) Limited (in liquidation), Platinum Global Luxury Services Limited (in liquidation), TKIL Global Investments Limited (in liquidation) and Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh against DBS.

DBS said that it is a matter of public record that there have been global recovery efforts relating to 1MDB since 2018.

“All this time, there was no claim against DBS,” it said.

DBS said that it has assessed that no provisions are required at this stage.

(US$1 = S$1.26, as of 10 September 2026)