Malaysia's AmBank pays $432 million in 1MDB settlement, finance ministry says

Malaysia on Friday said it had received the first payment of 1.8 billion ringgit ($432.38 million) from banking group AMMB Holdings Berhad, as part of a settlement deal related to multi-billion dollar scandal at state fund 1Malaysia Development Berhad.

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

AMMB Holdings Berhad (AmBank) said in February it will pay the government 2.83 billion ringgit ($699 million) to settle claims linked to 1Malaysia Development Berhad (1MDB), a hefty sum that is expected to have a material impact on the group's earnings. ($1 = 4.1630 ringgit)