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Malaysia's AmBank pays US$432 million in 1MDB settlement

FILE PHOTO: A man wearing a protective mask walks past an Ambank branch, amid the coronavirus disea
FILE PHOTO: A man wearing a protective mask walks past an Ambank branch, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia September 9, 2020. REUTERS/Lim Huey Teng/File Photo
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KUALA LUMPUR: Malaysia on Friday (Jul 2) said 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 deal related to multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB).

The remaining payment of 1.03 billion ringgit will be settled in December 2021 and July 2022, the finance ministry said in a statement.

AmBank said in February it will pay the government RM2.83 billion to settle claims linked to 1MDB, a hefty sum that is expected to have a material impact on the group's earnings.

Source: Reuters