KUALA LUMPUR (Reuters) – Malaysia on Friday stated it had acquired the primary cost of 1.8 billion ringgit ($432.38 million) from banking group AMMB Holdings Berhad (AmBank), as a part of a settlement deal associated to multi-billion greenback scandal at state fund 1Malaysia Growth Berhad (1MDB).
The remaining cost of 1.03 billion ringgit will likely be settled in December 2021 and July 2022, the finance ministry stated in a press release.
AmBank stated in February it should pay the federal government 2.83 billion ringgit ($699 million) to settle claims linked to 1MDB, a hefty sum that’s anticipated to have a cloth influence on the group’s earnings.
($1 = 4.1630 ringgit)
(Reporting by Rozanna Latiff; Modifying by Martin Petty)