SINGAPORE, Nov 14 — Julius Baer Group said today that its position on a lawsuit linked to Malaysia’s state fund 1MDB scandal remains unchanged, following media reports that the Swiss private bank had entered into mediation with the Malaysian government.
“The Bank is contesting the claim while taking appropriate measures to defend its interests,” Julius Baer told Reuters in response to a query today, referring to its latest annual and half-year reports.
The case stems from a writ filed in Hong Kong by SRC International, a former 1MDB unit, seeking around US$112 million (RM462 million) plus interest in damages. The claim, filed in 2021, alleges Julius Baer breached its fiduciary duty by processing fund transfers between 2013 and 2016.
Malaysia’s 1MDB asset recovery taskforce chairman, Johari Abdul Ghani, did not respond to a Reuters request for comment today. — Reuters
