Aug 22 2025, 08:10 PM, updated 4 months ago
QUOTE
The Edge Malaysia-
KUALA LUMPUR (Aug 22): JPMorganChase will pay RM1.4 billion to Malaysia to resolve existing and potential claims related to the 1Malaysia Development Bhd (1MDB) scandal.
The settlement will bind the American bank and the government from any future claims or litigations related to the troubled state-owned company, according to a statement. Each party will withdraw all appeals connected with the lawsuit filed by 1MDB against JPMorgan in the Kuala Lumpur High Court.
“The Malaysian government and JPMorganChase are pleased to announce that they have resolved all matters relating to 1MDB,” the statement read.
The settlement follows the conviction of JPMorgan’s unit in Switzerland, announced earlier on Friday over the bank’s failures to prevent the embezzlement of assets from 1MDB.
1MDB, created by former prime minister Datuk Seri Najib Razak in 2009, has been embroiled in graft and money-laundering investigations spanning more than a dozen jurisdictions from the US to Australia and from the United Arab Emirates to Singapore.
Full story :KUALA LUMPUR (Aug 22): JPMorganChase will pay RM1.4 billion to Malaysia to resolve existing and potential claims related to the 1Malaysia Development Bhd (1MDB) scandal.
The settlement will bind the American bank and the government from any future claims or litigations related to the troubled state-owned company, according to a statement. Each party will withdraw all appeals connected with the lawsuit filed by 1MDB against JPMorgan in the Kuala Lumpur High Court.
“The Malaysian government and JPMorganChase are pleased to announce that they have resolved all matters relating to 1MDB,” the statement read.
The settlement follows the conviction of JPMorgan’s unit in Switzerland, announced earlier on Friday over the bank’s failures to prevent the embezzlement of assets from 1MDB.
1MDB, created by former prime minister Datuk Seri Najib Razak in 2009, has been embroiled in graft and money-laundering investigations spanning more than a dozen jurisdictions from the US to Australia and from the United Arab Emirates to Singapore.
https://theedgemalaysia.com/node/767749
This post has been edited by Alex9892: Aug 22 2025, 09:40 PM
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