Singapore Court Denies Banks Standing in 1MDB Cases
Singapore's High Court ruled banks cannot join 1MDB winding-up cases. Judge Aidan Xu found Standard Chartered and BSI lacked standing in these proceedings.
The High Court of Singapore has dismissed a bid by Standard Chartered PLC and BSI Bank to participate in legal proceedings involving the winding up of several foreign entities. These entities are reportedly linked to efforts to recover assets from the 1MDB sovereign wealth fund scandal associated with Malaysia.
Judge Aidan Xu delivered the ruling on Thursday, stating that Standard Chartered Bank (Singapore), BSI Bank, and former BSI banker Hans Peter Brunner lacked the necessary standing to join four applications. These applications were brought forward by companies based in the British Virgin Islands that are currently in liquidation, including Brazen Sky and Blackstone Inc. affiliate Blackstone Asia Real Estate Partners.
