Banking group AMMB Holdings Berhad has agreed to pay RM2.83 billion to settle all outstanding claims and actions in relation to AmBank Group's involvement in 1MDB.This was announced by the Finance Ministry in a statement this evening.The ministry said this latest settlement is part of the government's continuing recovery efforts in pursuing all parties directly or indirectly involved in 1MDB and its related entities."This follows the government’s successful negotiations on the Goldman Sachs’ RM15.8 billion (US$3.9 billion) settlement in July 2020."These settlements will not absolve other entities and individuals of their alleged wrongful involvement in 1MDB, and they will continue to be pursued through the criminal justice system," the statement read.Its minister Tengku Zafrul Aziz said, “This latest settlement is beneficial for the Malaysian people. Resolving this through the court system would have cost a lot of time, money, and resources. With this settlement, the payment of the monies will be expedited, instead of being held up by lengthy court battles, and can be utilised to fulfil 1MDB’s outstanding obligations.”The ministry added that as part of the terms for the global settlement, the Securities Commission (SC) will require AmInvestment Bank Berhad to take corrective measures, including putting in place systems and processes to strengthen their due diligence framework for submission of corporate proposals.The settlement amount, the ministry said, is in addition to the RM53.7 million penalty imposed by Bank Negara Malaysia (BNM) to be paid by the AmBank Group.It stressed that the global settlement will not affect or compromise Malaysia’s claims against individuals like fugitive financier Jho Low, 1MDB's former general counsel Jasmine Loo and other related parties who are still being pursued in relation to the 1MDB scandal.It thanked the Attorney General’s Chambers, the SC, BNM, the Royal Malaysian Police Force, the National Anti-Financial Crime Centre, the MACC, and the National Centre for Governance, Integrity and Anti-Corruption for their efforts in achieving the settlement.
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