Malaysia said on Friday (July 2) that it had received the first payment of RM1.8 billion (US$432.38 million) from banking group AMMB Holdings (AmBank) as part of a settlement agreement relating to a multibillion-dollar fraud 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 RM2.83 billion to satisfy allegations related to 1MDB, a sizable sum that will have a significant impact on the bank’s revenues.
Reuters is the source of this information./n
