Julius Baer Defends Stance Amid 1MDB Scandal Lawsuit

Julius Baer Group maintains its position regarding a lawsuit linked to the 1MDB scandal, amid reports of mediation with the Malaysian government. The Swiss bank faces allegations from SRC International, a former 1MDB unit, claiming damages of $112 million for alleged fiduciary breaches between 2013 and 2016.

Julius Baer Group has clarified its stance on the ongoing lawsuit connected to Malaysia's state fund 1MDB scandal, emphasizing its unchanged position after recent media coverage suggested possible mediation with the Malaysian government. The Swiss private bank stated its intent to contest the claim while protecting its interests.

The lawsuit, initiated by SRC International, a previous arm of 1MDB, involves claims of around $112 million in damages plus interest. The allegations focus on fiduciary breaches by Julius Baer during the processing of fund transfers between 2013 and 2016. The lawsuit was first filed in Hong Kong in 2021.

Malaysia's 1MDB asset recovery taskforce, led by chairman Johari Abdul Ghani, offered no official comment despite inquiries. Julius Baer has consistently communicated its defense strategy in both its annual and half-year reports.

(With inputs from agencies.)