Malaysia considers legal action against banks linked to 1MDB scandal
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Johari Ghani, the chairman of the 1Malaysia Development Berhad asset recovery taskforce, said that the country is considering legal action against foreign banks linked to the multi-billion dollar 1MDB corruption scandal, Reuters reported. Mr. Ghani has not identified the foreign banks, but he noted that they did not conduct proper due diligence before facilitating fund transfers related to the sovereign fund. Malaysia had sued the units of Deutsche Bank AG, JPMorgan Chase & Co and Coutts & Co. in 2021 to recover billions in alleged losses from the fund.
