KONTAN.CO.ID - KUALA LUMPUR. Malaysian banking group AMMB Holdings Berhad (AmBank) said on Friday it will pay the government 2.83 billion ringgit ($699 million) to settle claims linked to a massive financial scandal at state fund 1MDB, a hefty payment that is expected to have a material impact on the group's earnings. AmBank Group has been under scrutiny over its role in the alleged theft of $4.5 billion from 1Malaysia Development Berhad, a state fund former prime minister Najib Razak set up in 2009. Last year, Najib was found guilty of corruption and money laundering over the transfer of millions of dollars linked to a 1MDB unit into his Ambank accounts between 2014 and 2015. He denies wrongdoing and has filed an appeal.
Malaysia's AmBank to pay $700 million in 1MDB-linked settlement
KONTAN.CO.ID - KUALA LUMPUR. Malaysian banking group AMMB Holdings Berhad (AmBank) said on Friday it will pay the government 2.83 billion ringgit ($699 million) to settle claims linked to a massive financial scandal at state fund 1MDB, a hefty payment that is expected to have a material impact on the group's earnings. AmBank Group has been under scrutiny over its role in the alleged theft of $4.5 billion from 1Malaysia Development Berhad, a state fund former prime minister Najib Razak set up in 2009. Last year, Najib was found guilty of corruption and money laundering over the transfer of millions of dollars linked to a 1MDB unit into his Ambank accounts between 2014 and 2015. He denies wrongdoing and has filed an appeal.