KUALA LUMPUR, Aug 22 — The government and JPMorganChase have reached a deal on 1Malaysia Development Bhd (1MDB), with the American bank to pay RM1.4 billion to Malaysia’s Assets Recovery Trust Account, said the Finance Ministry (MOF).
“The settlement agreement resolves all existing and potential claims and binds both parties from any future claims or litigations related to 1MDB,” the ministry said in a statement today.
The MOF said each party would withdraw pending appeals linked to the suit previously filed by 1MDB against JP Morgan (Switzerland) Ltd at the Kuala Lumpur High Court.
Previously, the ministry announced that since the Asset Recovery Trust Account was established in December 2018, the government has recovered RM29.7 billion linked to 1MDB and its former subsidiary, SRC International Sdn Bhd, with RM10.9 billion recovered from 2022 to June 30 this year.
