Julius Baer says stance on Malaysia 1MDB-linked lawsuit unchanged

Julius Baer Gruppe AG

14/11/2025 10:06

SINGAPORE/KUALA LUMPUR, Nov 14 (Reuters) - Julius Baer Group BAER.S said on Friday 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 on Friday, 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 $112 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 on Friday.

 (Reporting by Yantoultra Ngui in Singapore and Rozanna Latiff in Kuala Lumpur; Editing by David Stanway)

 ((Yantoultra.Ngui@thomsonreuters.com;))