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AmBank

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2021

    AMMB agrees to RM2.83 billion 1MDB-related settlement

    Settlement

    AMMB Holdings agreed to pay the Malaysian government RM2.83 billion to settle outstanding claims and actions relating to AmBank Group’s involvement in the 1MDB corruption scandal. The settlement terms also require AmInvestment Bank to strengthen its due diligence framework.

    Source excerpt

    • AMMB Holdings Bhd has agreed to pay RM2.83 billion to the Malaysian government as settlement on all outstanding claims and actions in relation to the AmBank Group's involvement in the 1Malaysia Development Bhd (1MDB) corruption scandal.
    • As part of the terms for the global settlement, the Securities Commission Malaysia will require AmInvestment Bank Bhd to take corrective measures, including putting in place systems and processes to strengthen their due diligence framework for submission of corporate proposals.
    Source

  2. 2019

    Najib files suit against AmBank and AMMB

    Lawsuit filed

    Former Malaysian premier Najib Razak sued AmBank Islamic Bhd and AMMB Holdings Bhd, alleging that accounts in his name were managed without his knowledge and that account information was disclosed to unauthorized third parties. AmBank and AMMB said they would vigorously oppose the suit.

    Company response

    • Denial — AmBank

      AmBank and AMMB, in a filing with Bursa Malaysia today, said they have appointed solicitors to “vigorously oppose” the suit, adding that the solicitors have advised them the allegations are unsustainable and that they have a strong defence.

    Source excerpt

    • AmBank and AMMB, in a filing with Bursa Malaysia today, said they have appointed solicitors to “vigorously oppose” the suit, adding that the solicitors have advised them the allegations are unsustainable and that they have a strong defence.
    • Former premier Datuk Seri Najib Razak is suing AmBank Islamic Bhd and its former relationship manager Joanna Yu Ging Ping over the management of accounts under his name used to divert funds from SRC International Sdn Bhd.
    • The suit — filed by Najib's solicitors Messrs Shafee & Co and also naming AMMB Holdings Bhd as a defendant — is concerning AmBank accounts ending 694, 880, 898 and 906 which Najib claimed were managed by AmBank without his knowledge.
    Source

  3. Association with the 1MDB scandal

    AmBank became a central subject of public reporting concerning the 1Malaysia Development Berhad scandal. The association tarnished the group's reputation and was followed by regulatory and financial consequences. The available reference does not provide enough detail to state a complete chronology or quantify those consequences here.

    Source