The Ministry of Finance of Malaysia stated that the closed Malaysian Stabilization Fund 1MDB has filed a lawsuit against Deutsche Bank, JP Morgan Chase and Kurtz, seeking to return the billions of dollars stolen in the corruption scandal.
The ministry reported that the fund had filed six lawsuits against 25 individuals and 9 entities (including two foreign financial institutions) involving breach of contract, fraud, negligence and other criminal acts, but did not mention the company name.
Court documents show that the fund is seeking a return of US$1.11 billion from the Malaysian branch of Deutsche Bank, US$800 million from the Swiss branch of JP Morgan Chase, and US$1.03 billion from Kutz Bank, as well as interest.
The ministry said in a statement that the former branch of the SRC Fund has filed 16 lawsuits against 15 people and 8 entities for similar crimes.
The ministry said that 1MDB and its branches are seeking a total of 23 billion U.S. dollars in return.
The Ministry of Defense stated: “1MDB and SRC claim that these entities and/or individuals have unfairly gotten rich by unfairly collecting money from 1MDB or SRC.”
The three companies did not immediately respond to Reuters’ request to comment on the allegations in the lawsuit.
Malaysian business daily “The Edge” reported that the former defendants included Najib Razak, the former prime minister who founded the fund.
Investigators in Malaysia and the United States said that between 2009 and 2014, at least $4.5 billion was stolen from the fund, involving scandals involving senior officials, banks and financial institutions worldwide.
According to Reuters, Malaysia has reached an agreement with the US investment bank Goldman Sachs to return nearly US$5 billion in assets. Goldman Sachs has helped the fund raise billions of US dollars. The audit firm Deloitte has also reached an agreement. protocol.
In 2017, Swiss regulators reported that the Swiss subsidiary of JPMorgan Chase violated anti-money laundering laws in business relationships and transactions related to Malaysian funds. The bank subsequently announced that it had improved its supervision and supervision mechanism.
Last year, the Swiss authorities convicted a former Coutts banker for failing to report suspicious transactions involving Malaysian funds.