Ambank's share price plummets after RM2.83b settlement over 1MDB scandal

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The share price of AMMB Holdings Bhd (Ambank), which paid an RM2.83 billion settlement to the government for its role in the 1MDB scandal, plunged by as much as 16.1 percent after the market opened today.The Finance Ministry announced the settlement last Friday after markets closed.Ambank had also requested a two-day trading suspension of its shares on Monday and Tuesday.At the time of writing, Ambank's share price stood at RM2.81, a decline of 11.08 percent.Ambank had as its client then prime minister Najib Abdul Razak, who between 2011 and 2013 received billions of ringgit in transactions into accounts with the bank.The majority of the money was later traced by investigators to 1MDB and its subsidiaries.Ambank's largest shareholder, Australia and New Zealand Banking Group Limited (ANZ Group), with a 23.8 percent stake, also took a hit.ANZ Group on Monday announced th…