PETALING JAYA: JPMorganChase will pay the Malaysian government RM1.4bil (US$330mil) to resolve all matters between both parties in the 1Malaysia Development Bhd (1MDB) scandal.
This is part of a settlement agreement that resolves all existing and potential claims, and binds both parties from any future claims related to 1MDB.
The Finance Ministry, in a statement on Friday (Aug 22), said the Malaysian government and JPMorganChase were pleased to announce that they had resolved all matters involving 1MDB.
"Under the settlement, JPMorganChase will, without admission of liability, contribute
RM1.4bil (US$330mil) to Malaysia's Assets Recovery Trust Account," it said in the statement.
"Each party will also withdraw all pending appeals connected with the lawsuit previously filed by 1MDB against JP Morgan (Switzerland) Ltd in the High Court at Kuala Lumpur," the ministry added.
It was reported that in 2021, 1MDB sued a unit of JP Morgan, along with those of Deutsche Bank and Coutts & Co, to recover alleged losses from the fund.
The state fund had cited alleged "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance" on the part of the firms.
It had reportedly sought US$800mil (RM3.38bil) from JP Morgan (Switzerland) Ltd.
