1MDB Task Force Confirms DBS Lawsuit Linked to Eric Tan

Malaysia’s 1MDB Asset Recovery Task Force confirmed that a lawsuit filed in Singapore against DBS Bank relates to accounts opened by Jho Low’s close associate, Eric Tan. 

Court‑appointed liquidators for four companies — BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners, and TKIL Global Investments Ltd — are seeking damages exceeding S$1 billion.

Liquidators Seek Over S$1 Billion From DBS Bank

According to the task force, five accounts were opened with DBS in 2013, naming Tan Kim Loong (Eric Tan) as the sole beneficial owner. 

Funds deposited into these accounts were repeatedly transferred among the companies without legitimate reasons and spent on luxury goods, private jet services, nightclubs, and even a superyacht.

Between 2013 and 2014, more than US$1 billion stolen from 1MDB and SRC International flowed through these firms. 

The task force emphasized that any recovery by the liquidators constitutes asset recovery for Malaysia. It welcomed the legal action, stressing that banks must act as gatekeepers of the financial system and question suspicious transactions.

“This is a rightful claim,” the task force said, adding that any recovered funds will be returned to Malaysians, victims of one of the world’s largest financial scandals.