Photo: Samsul Said/BloombergMalaysia’s now-defunct 1MDB state fund is suing units of Deutsche Bank, JP Morgan and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, according to court documents. Malaysian authorities have previously said there were billions of dollars more that were unaccounted for. In 2017, Switzerland’s financial watchdog FINMA said the Swiss subsidiary of JP Morgan had committed serious anti-money laundering breaches over business relationships and transactions linked to 1MDB. JP Morgan said at the time it has since increased training and made improvements in monitoring and surveillance. The Edge, a Malaysian financial newspaper also reported those being sued by 1MDB include former Malaysian Prime Minister Najib Razak, who founded the fund.

Source: Irish Independent May 10, 2021 21:45 UTC