Malaysia sues Deutsche Bank, JP Morgan, Coutts over 1MDB
9:13 am Monday, May 10th, 2021
(Removes extraneous word “seeks” in headline)
KUALA LUMPUR (Reuters) – Malaysia 1MDB fund is suing units of Deutsche Bank and J.P. Morgan, and Coutts & Co Ltd to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed on Monday.
1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from Coutts, and interest payments from all of them, according to documents filed at a Kuala Lumpur court.
Malaysia’s finance ministry said earlier on Monday that 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them. (This story refiles to removes extraneous word “seeks” in headline)
(Reporting by Rozanna Latiff; writing by A. Ananthalakshmi; Editing by Martin Petty)
