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On February 3, 2016, motorcyclists pass a billboard for 1Malaysia Complex Berhad (1MDB) at the Tun Razak Exchange development in Kuala Lumpur, Malaysia. REUTERS/File Photo/Olivia Harris Reuters, KUALA LUMPUR, July 2 – Malaysia announced on Friday that it has received the first payment of 1.8 billion ringgit ($432.38 million) from banking group AMMB Holdings Berhad (AmBank) as part of a settlement agreement relating to a multibillion-ringgit scandal at state fund 1Malaysia Development Berhad (1MDB). The remaining payment of 1.03 billion ringgit would be made in December 2021 and July 2022, according to a statement from the finance ministry. In February, AmBank said that it would pay the government 2.83 billion ringgit ($699 million) to settle allegations related to 1MDB, a hefty sum that will have a significant impact on the bank’s revenues. find out more (1 ringgit = 4.1630 ringgit) Rozanna Latiff contributed reporting, and Martin Petty edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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