StanChart Faces $2.7 Billion Suit in IMDB Fraud

Liquidators trying to recover money from Malaysia's sovereign wealth fund IMDB have sued Standard Chartered Bank in Singapore, alleging it enabled fraud that led to more than $2.7 billion in financial losses more than 10 years ago.

- Reuters

Standard Chartered on Tuesday said that it emphatically rejected the claims.

The move is the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad (IMDB), from which U.S. investigators say about $4.5 billion was stolen between 2009 and 2014 in a complex, globe-spanning scheme.

Shares in Standard Chartered fell on Tuesday and were down 2.7% by 1110 GMT, against a 0.3% drop in London's FTSE 100.