Asia

Malaysia's AMMB Holdings to pay US$700m to government in 1MDB-linked settlement

People wearing protective masks cross a street in front of Petronas Twin Towers, amid the coronavir
The Petronas Twin Towers in Kuala Lumpur, Malaysia, Jan 11, 2021. (Photo: REUTERS/Lim Huey Teng)
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KUALA LUMPUR: Malaysian banking group AMMB Holdings will pay RM2.83 billion (US$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 will take corrective measures, including putting in place systems and processes to strengthen its due diligence framework, the ministry said.

Source: Reuters/dv