MOF: Ambank to pay RM2.83b to Malaysia as 1MDB settlement

[superadmin]

MOF: Ambank to pay RM2.83b to Malaysia as 1MDB settlement, will save time instead of going to court; won’t affect claims against Jho Low

KUALA LUMPUR, Feb 26 — AMMB Holdings Berhad has agreed to pay RM2.83 billion to the Malaysian government as global settlement on all outstanding claims and actions over AmBank Group’s involvement in the 1Malaysia Development Berhad (1MDB) matter, the Finance Ministry announced today.

The ministry said that this settlement is part of the Malaysian government’s continuing efforts against all parties directly or indirectly involved in 1MDB and 1MDB-linked entities to recover funds.

Finance Minister Datuk Seri Tengku Zafrul Aziz said the settlement agreed with AMMB Holdings would enable a faster recovery of funds to be used for 1MBD’s financial obligations, as compared to going through long court processes.

“This latest settlement is beneficial for the Malaysian people. Resolving this through the court system would have cost a lot of time, money and resources.

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