By Simon Foy and Philip Georgiadis
Financial Times, London
Saturday, August 23, 2025
JPMorgan has agreed to pay $330 million to the Malaysian government to settle claims related to its role in the 1MDB financial scandal.
In a joint statement with the Malaysian government on Friday, JPMorgan said it would contribute the amount to Malaysia's Assets Recovery Trust Account "without admission of liability."
... Dispatch continues below ...
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It added that the agreement "resolves all existing and potential claims and binds both parties from any future claims or litigations related to 1MDB."
The fraud on 1MDB, Malaysia's sovereign wealth fund, was one of the biggest in history. Investigators in the U.S. have alleged that at least $4.5 billion was stolen from the fund through several schemes masterminded by Malaysian financier Jho Low, who remains at large but maintains his innocence.
It led to the prosecution of Malaysia's prime minister at the time, Najib Razak, who was convicted and sentenced to six years in prison. The scandal also involved several of the biggest banks across the U.S., Europe, and Asia.
JPMorgan's Swiss unit was one of multiple banks sued by 1MDB in 2021 as the fund tried to recover losses, alleging fraudulent breach of duties, conspiracy, and breach of trust on the part of the banks.
Separately, on Friday Swiss prosecutors fined JPMorgan SFr 3 million ($3.7 million) for "failing to take all reasonable and necessary organisational measures" to prevent "aggravated money laundering" in connection with the 1MDB scandal. ...
... For the remainder of the report:
https://www.ft.com/content/63b81c66-efb5-4264-a73b-0617d856f441 [3]
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