Malaysia's AMMB Holdings to pay $700 mln to govt in 1MDB-linked settlement

Malaysian banking group AMMB Holdings Berhad will pay 2.83 billion ringgit ($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 Berhad will take corrective measures, including putting in place systems and processes to strengthen its due diligence framework, the ministry said. ($1 = 4.0480 ringgit)