Standard Chartered has responded to media reports concerning a legal case filed in the High Court of Singapore on June 30, 2025. The case involves shell companies accused of misappropriating funds from 1Malaysia Development Berhad (1MDB).
In their statement, Standard Chartered emphasized that they reject claims made by these companies. "We emphatically reject any claims made by these fraudulent shell companies which did not engage in any legitimate business," the bank stated.
The liquidators managing the case represent entities allegedly linked to Low Taek Jho and Eric Tan. These companies are said to have acted as conduits for laundering money misappropriated from 1MDB.
Standard Chartered noted that the transactions under scrutiny date back to 2010. The bank reported the activities of these companies before closing their accounts in early 2013 and cooperated with investigating authorities.
In December 2016, the Monetary Authority of Singapore (MAS) released findings from an inspection related to Standard Chartered's handling of fund flows associated with 1MDB. While regulatory breaches were identified, no pervasive control weaknesses or willful misconduct were found at Standard Chartered.
The bank reaffirmed its commitment to combating financial crime and highlighted investments made in enhancing anti-money laundering standards.
Robbie Sommerville, Global Head of Corporate Communications, and Rena Teng, Head of CABM for Singapore and ASEAN, can be contacted for further information.