S’pore court blocks foreign liquidators from suing banks over 1MDB-linked deals

Free Malaysia Today

The High Court rules that cross-border insolvency law cannot be applied to pre-2018 transactions, limiting recovery efforts tied to the scandal.  Read More:  https://www.freemalaysiatoday.com/category/nation/2025/10/01/spore-court-blocks-foreign-liquidators-bid-to-recover-1mdb-funds-from-banks  Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2025/10/01/mahkamah-singapura-halang-pelikuidasi-asing-saman-bank-atas-transaksi-berkait-1mdb  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #Singapore #1MDB #AidanXu

Transcript

00:00The Singapore High Court has barred foreign liquidators from suing Standard Chartered and

00:05BSI Bank over transactions allegedly linked to the 1MDB scandal in a ruling that could

00:10hinder global recovery efforts of lost state funds.

00:15The Court found that Singapore's cross-border insolvency framework could not be retroactively

00:20applied to deals made before the Insolvency, Restructuring and Dissolution Act came into

00:25effect in 2018.

00:28Justice Aidan Xu dismissed the applications by liquidators of Blackstone Asia Real Estate

00:33Partners and Brazen Sky, stating that Article 23 subsection 9 of the 2018 law prevents foreign

00:40liquidators from challenging pre-2018 transactions.

00:45He said that the ruling limits the liquidators' options and appears inconsistent with Singapore's

00:49commitment to cross-border insolvency cooperation, but maintained that Parliament intentionally

00:55included the cut-off date.

00:57The liquidators had argued that Article 21 should allow them to sue over past transactions

01:02to hold parties accountable in the 1MDB scandal, but the Court sided with the bank's interpretation

01:08of Article 23 subsection 9.

01:11Xu said that any legal changes must come from Parliament, not the courts, and said liquidators

01:16may still pursue traditional proceedings in Singapore, while separate cases against BSI and certain

01:22bankers continue.

01:23PlanUjo.

01:24PlanUjo.

01:25FMT.

01:26PlanUjo.

01:27FMT.

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