KUALA LUMPUR: Malaysia 1MDB fund is suing units of Deutsche Bank and JP Morgan, and Coutts & Co Ltd to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed on Monday.

1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from JP Morgan (Switzerland) Ltd and $1.03bn from Coutts, and interest payments from all of them, according to documents filed at a Kuala Lumpur court.

Malaysia’s finance ministry said earlier on Monday that 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23bn in assets from entities and people allegedly involved in defrauding them.

Published in Dawn, May 11th, 2021

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