The four firms are being liquidated in the British Virgin Islands as part of efforts to recover allegedly misappropriated funds from 1MDB. The entities including Brazen Sky and Blackstone Asia Real Estate Partners last week failed in their appeal to sue Standard Chartered and BSI in Singapore over transactions allegedly linked to 1MDB.
(March 20): Standard Chartered plc and BSI Bank Ltd failed in their bids to be part of winding-up applications linked to Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB) in Singapore’s High Court.
The banks cannot intervene in the applications brought by four offshore companies as they did not meet the criteria as contingent creditors, Judge Aidan Xu wrote in a ruling on Thursday.
