Malaysia considers legal proceedings against foreign banks linked to 1MDB graft

Malaysia is considering initiating legal proceedings against foreign banks linked to the multi-billion dollar 1Malaysia Development Berhad (1MDB) corruption scandal, the chairman of the 1MDB asset recovery taskforce said on Tuesday.
Johari Abdul Ghani did not identify the foreign banks but said they did not conduct proper due diligence before facilitating fund transfers related to the sovereign fund.
Malaysian and U.S. investigators estimate $4.5 billion was stolen from 1MDB, implicating a former Malaysian prime minister, Goldman Sachs staff and high-level officials elsewhere.
In 2021, Malaysia sued units of Deutsche Bank, JP Morgan and Coutts & Co to recover billions in alleged losses from the fund, though the cases have yet to progress in court.
“The 1MDB task force is firmly committed in addressing the 1MDB matter transparently and holding all parties accountable,” Johari said in a statement.