DBS Has $74 Million Exposure to Singapore Laundering Scandal
- CEO Piyush Gupta doesn’t expect new fund flows to suffer
- More than $2 billion of assets have been frozen, seized
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DBS Group Holdings Ltd.’s exposure to a money laundering scandal in Singapore is about S$100 million ($74 million), mainly from financing properties of those arrested in one of the biggest such cases in the city-state.
The country’s largest bank filed so-called suspicious transaction reports to authorities, Chief Executive Officer Piyush Gupta said Monday at a briefing after reporting quarterly earnings that beat estimates. New funds continue to flow into the financial hub regardless of the scandal, he said.