Liquidators trying to recover money from Malaysia's sovereign wealth fund 1MDB 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.

MDB said the lawsuit seeks to hold the U.K. bank accountable for its alleged role in the ‘systematic theft of funds which ultimately belonged to ordinary Malaysians.’

Standard Chartered Plc is facing a $2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysia’s troubled sovereign wealth fund 1MDB.