JPMorgan reaches $330 million settlement in Malaysia financial fraud case

ChainCatcher news, according to Jinshi reports, JPMorgan will pay 1.4 billion ringgit (approximately 330 million USD) to Malaysia to resolve all existing and potential claims related to the country's sovereign wealth fund 1MDB.

According to an email statement on Friday, under this settlement agreement, the bank will make the payment to the Malaysian Asset Recovery Trust Account "without admitting any liability."

The agreement states that this arrangement "resolves all existing and potential claims and binds both parties not to make any future claims or lawsuits regarding 1MDB."

Meanwhile, the Swiss Federal Prosecutor announced that JPMorgan's Swiss branch was fined 3 million Swiss francs (approximately 3.7 million USD) for assisting in the laundering of funds misappropriated from 1MDB.

Swiss authorities stated that this fine relates to 34 cross-border transfers that occurred between October 2014 and July 2015, totaling approximately 174 million Swiss francs.

Over the past decade, the 1MDB investment fund has been at the center of a scandal, with investigations spanning multiple continents and an estimated stolen amount exceeding 4 billion USD.