JPMorganChase to pay RM1.4 billion to settle 1MDB case

MALAYSIA: JPMorganChase bank of the United States has agreed to pay RM1.4 billion to the Malaysian government to settle matters related to the 1Malaysia Development Berhad (1MDB) scandal.

In a statement, the Ministry of Finance confirmed that the sum will be credited into Malaysia’s asset recovery trust account, but the settlement does not constitute an admission of liability by the bank.

Malaysiakini reported that, as part of the agreement, both the Malaysian government and JPMorganChase will withdraw all pending appeals before the Kuala Lumpur High Court involving the Swiss bank in connection with the case.

The 1MDB scandal, which first came to light in 2015, centred on allegations that billions of dollars were misappropriated from the state investment fund set up in 2009 to drive strategic development projects.

Investigations later revealed that much of the money had been siphoned off through complex financial transactions, implicating high-ranking officials and global financial institutions.

The Finance Ministry said the recovery of funds will continue as part of Malaysia’s broader efforts to reclaim assets linked to 1MDB.