00:00Standard Chartered PLC is facing a US$2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysia's troubled Sovereign Wealth Fund .
00:17Liquidators began legal proceedings against a UK bank in Singapore, according to a statement released today.
00:23The claimants alleged that Standard Chartered permitted more than 100 intrabank transfers between 2009 and 2013 that helped to conceal the flow of stolen funds.
00:33The statement said such transfers led to the loss of more than US$2.7 billion for the claimants as well as US$20 million in public funds.
00:43Meanwhile, Standard Chartered said in a statement to the Financial Times that it empathetically rejects any claims made by the 1MDB companies,
00:51adding that the liquidators had publicly stated they were shell companies with no legitimate business.
00:57In 2016, Singaporean authorities imposed a $5.2 million Singapore dollar fine against Standard Chartered for anti-money laundering breaches related to the case.
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