AMMB to pay Malaysian government $700m to settle involvement in 1MDB scandal

FILE PHOTO: Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the fund’s flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris

Malaysian banking group AMMB Holdings Berhad will pay 2.83 billion ringgit ($699 million) to the government to settle claims related to its involvement in a multibillion-dollar financial scandal at state fund 1MDB, the finance ministry said in a statement.

As part of the settlement, AmInvestment Bank Berhad will take corrective measures, including putting in place systems and processes to strengthen its due diligence framework, the ministry said.

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