KUALA LUMPUR — Standard Chartered and BSI Bank have failed in their bid to participate in Singapore court proceedings linked to the 1Malaysia Development Berhad (1MDB) scandal.
The case centres on four offshore companies tied to fugitive financier Low Taek Jho, also known as Jho Low, which are being wound up as part of efforts to recover funds allegedly misappropriated from 1MDB.
The Singapore High Court ruled that the banks do not have the legal standing to intervene in the winding-up applications, rejecting their argument that they should be allowed to take part due to potential future claims.
Judge Aidan Xu said any such claims can be addressed separately if they arise, adding that a possible future interest is insufficient to justify involvement at this stage.
The winding-up proceedings are seen as a move by liquidators to pave the way for legal action against the banks over transactions linked to 1MDB funds.
The case forms part of broader international efforts to recover assets tied to 1MDB, widely regarded as one of the world’s largest financial scandals.
Earlier, Singapore’s Court of Appeal ruled against liquidators in a related matter, limiting their ability to pursue certain claims tied to older transactions.
Despite the setback, efforts to recover funds linked to 1MDB are expected to continue across multiple jurisdictions. — March 20, 2026