Response to media reports – Legal case concerning alleged 1MDB fraud

London – We have released the below statement today (1 July) in response to media reports of a legal case filed in the High Court of Singapore on 30 June 2025.

In summary:

• The liquidators managing this case represent shell companies that misappropriated funds from the 1Malaysia Development Berhad (1MDB).
• We emphatically reject any claims made by these fraudulent shell companies which did not engage in any legitimate business.
• We consider these claims are without merit. Standard Chartered will vigorously defend against the claims.
• We reported the transaction activities of these companies before we shut their accounts in early 2013.
• We take our responsibility to fight financial crime extremely seriously, in service of our clients and the markets in which we operate.

Standard Chartered emphatically rejects the claims made by the shell companies involved in this case. We consider these claims are without merit, and Standard Chartered will vigorously defend them. 

The liquidators acting for these companies have publicly stated that these were shell companies which did not engage in any legitimate business, and were linked to fugitives Low Taek Jho and his associate Eric Tan. The companies are not affiliates of 1MDB. They operated under false pretences, and acted as a conduit for funds misappropriated from 1MDB to launder monies.

The transactions at issue date back to 2010. We reported the transaction activities of these companies, both before and at the time we shut their accounts in early 2013, and fully cooperated with the investigating authorities.

As set out in MAS’ December 2016 media release on the penalties on Standard Chartered for 1MDB-related issues, MAS concluded their inspection of Standard Chartered in relation to 1MDB-related fund flows. While MAS identified regulatory breaches, the inspection did not find pervasive control weaknesses or wilful misconduct at Standard Chartered.

Standard Chartered takes our responsibility to fight financial crime extremely seriously. We have made significant investments in strengthening our controls and uplifting our AML standards, and will continue to do so.

-ENDS-

For further information, please contact:

Robbie Sommerville +44 7990 784 478
Global Head, Corporate Communications

Rena Teng +65 9848 8573
Head, CABM, Singapore and ASEAN