© Reuters. FILE PHOTO: Motorcyclists pass a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo

KUALA LUMPUR (Reuters) – Malaysia on Friday said it had received the first payment of 1.8 billion ringgit ($432.38 million) from banking group AMMB Holdings Berhad (AmBank), as part of a settlement deal related to multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB).

The remaining payment of 1.03 billion ringgit will be settled in December 2021 and July 2022, the finance ministry said in a statement.

AmBank said in February it will pay the government 2.83 billion ringgit ($699 million) to settle claims linked to 1MDB, a hefty sum that is expected to have a material impact on the group’s earnings.

($1 = 4.1630 ringgit)

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