00:00The Singapore High Court has refused to dismiss a US$2.7 billion lawsuit against Standard Chartered
00:07Bank over its alleged role in the 1MDB scandal, clearing the way for the case to go to trial.
00:13The ruling was made in an appeal brought by the bank seeking that the lawsuit, brought
00:18by three British Virgin Island companies in June last year, be struck out.
00:241MDB's court-appointed liquidators welcomed the ruling, saying claims of dishonest assistance
00:30and breach of duty should be heard in court.
00:33The liquidators said they will continue efforts to recover misappropriated assets and hold
00:39those responsible accountable for the benefit of Malaysians.
00:43The suit was brought by former 1MDB subsidiaries, Alson Chance Holdings Ltd, Blackstone Asia Real
00:51Estate Partners Ltd and Brightstone Jewelry Ltd.
00:55They claim Standard Chartered allowed more than 100 intrabank transfers between 2009 and 2013
01:03that helped hide stolen 1MDB funds.
01:07They also accused the bank of ignoring warning signs and failing to meet anti-money laundering
01:12and client due diligence rules.
01:15Lawyers Lok V. Ming, Joseph Lee, Mohamad Hayris, Tan Kawai and Koo Jin Rong represented the companies.
01:24Adrian Fernandez, FMT
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