JPMorgan to pay US$330mil to Malaysia to settle 1MDB claim
JPMorgan Chase & Co will pay RM1.4 billion (US$330 million) to Malaysia to resolve all existing and potential claims relating to the sovereign wealth fund 1MDB, a move that will end its exposure to one of the biggest financial frauds in history.
Under the settlement, the lender will – “without admission of liability” – contribute the sum to Malaysia’s Assets Recovery Trust Account, according to a statement today.
That came as Switzerland’s Attorney General announced it had fined JPMorgan’s Swiss unit CHF3 million (US$3.7 million) for its part in enabling the laundering of funds misappropriated from 1MDB.
The Attorney General’s office sentenced the bank “for failing to take all reasonable and necessary organisational measures to prevent acts of aggravated money laundering”.
“The fine relates…
