DBS ‘categorically rejects’ S$1.3 billion claim by 1MDB-linked entities under liquidation

September 9, 2026 / Liam Redmond /

[SINGAPORE] DBS “categorically rejects” a S$1.298 billion claim for damages in a lawsuit filed by several entities linked to the 1Malaysia Development Berhad (1MDB) scandal.

In a Wednesday (Sep 9) bourse filing, DBS said that a lawsuit has been filed against the bank by four 1MDB-linked entities under liquidation and the companies’ liquidators, Jason Aleksander Kardachi and Karnjote Singh S/O Jarmal Singh.

The four entities are:

Affinity Equity International Partners;
Blackrock Commodities (Global);
Platinum Global Luxury Services; and
TKIL Global Investments.

DBS said it “has consulted its legal advisers, and categorically rejects and will vigorously resist the claim”.

“It is a matter of public record that there have been global recovery efforts relating to 1MDB, supported by legal counsel since 2018. All this time, there was no claim against DBS,” it added.

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