AmBank group to pay RM2.8 billion in 1MDB settlement

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Finance ministry says the settlement is on all outstanding claims and actions relating to the group's involvement with 1MDB. FMTNews AmBankGroup 1MDB

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AmBank group has agreed to a RM2.83 billion settlement on its involvement with 1MDB.

This latest global settlement is part of the Malaysian government’s continuing recovery efforts that it is pursuing against all parties directly or indirectly involved in 1MDB and its related entities. The ministry said the settlements will not absolve other entities and individuals of their alleged wrongful involvement in 1MDB, and they will continue to be pursued through the criminal justice system. The global settlement by AMMB also addresses the requirements of the Securities Commission of Malaysia on compliance with its laws and guidelines.

This settlement amount is in addition to the RM53.7 million penalty already imposed by Bank Negara and paid by the AmBank Group.

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