1MDB task force mulls legal action against international banks

 

Johari Ghani says the 1MDB task force is actively participating in the arbitration process to ensure a fair resolution.

PETALING JAYA: The 1MDB task force is considering initiating legal action against several international banks that failed to adhere to the KYC (know-your-customer) procedure, leading to the misappropriation of funds.

Its chairman Johari Ghani said the task force was firmly committed to addressing the 1MDB matter transparently and holding all parties accountable, Bernama reported.

“The complexities of the settlement agreement require careful examination, and the 1MDB task force is actively participating in the arbitration process to ensure a fair resolution in the best interests of the Malaysian people,” he said in a statement.

Johari said the task force was also examining whether the negotiators and lawyers representing the Malaysian government at the material time had failed in their fiduciary duty or were negligent in arriving at the settlement agreement.

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