Anwar: 1MDB recovery about restoring trust amid RM4.2b claim against Singapore’s DBS

KUALA LUMPUR, Sept 13 — The Ministry of Finance (MoF) has taken note of a compensation claim amounting to approximately RM4.2 billion filed by four companies against DBS Bank Ltd at the Singapore High Court.

The four companies, which are currently undergoing liquidation under court-appointed liquidators, are seeking damages related to funds allegedly misappropriated from 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd.

“The recovery efforts are not merely about reclaiming the money that was lost.

“Trust, confidence in institutions and Malaysia’s standing in the eyes of its international partners were also compromised in this dark chapter of the nation’s history,” said Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim in a media statement today.

He also said that the Madani Government is committed to strengthening institutional governance and accountability to ensure that such a betrayal does not happen again.

The MoF statement also said that, according to the 1MDB Asset Recovery Task Force, the claim involves five DBS accounts opened in 2013 by the four companies.

The account-opening documents named Tan Kim Loong, also known as Eric Tan, as the sole beneficial owner of the companies and the signatory for all five accounts.

The accounts were allegedly used to channel more than US$1 billion (RM4.07 billion) in misappropriated 1MDB and SRC funds between 2013 and 2014.

“Based on the latest figures, the total amount of 1MDB obligations borne by the government stands at RM51.4 billion, comprising RM42.5 billion already paid by the government and an outstanding debt of RM8.9 billion.

“A total of RM31.3 billion has been received through asset recovery efforts, leaving the government to bear potential losses of RM20 billion as a result of the 1MDB scandal,” the MoF said.

The recovery efforts involve cooperation and legal proceedings in several countries, including the United States, Switzerland, the United Kingdom and Singapore.

Among the latest recoveries was the settlement reached by the government with JPMorganChase in August 2025, involving a RM1.4 billion contribution to the Malaysian Asset Recovery Trust Account.

Funds recovered through the account are used to repay debts and meet existing financial obligations related to 1MDB and SRC, thereby reducing the burden on public finances. — Bernama