Malaysian Bank Chairman in Leave of Absence

Nazir Razak, Chairman of CIMB

Nazir Razak, Chairman of CIMB

Malaysia's CIMB Group Holdings Chairman Nazir Razak, who is the brother of Malaysian Prime Minister, Najib Razak, has voluntarily taken leave of absence, with immediate effect.

Nazir Razak said that his decision was to allow an independent investigation into a $7 million transfer issue dating back several years. The CIMB Group was holding its 59th annual general meeting, at which Nazir was present when the announcement was made.

It was reported that the $7 million was the sum received from his brother, Prime Minister Najib Razak, to be transferred to ruling party politicians. 

«The reputation and well-being of this banking group has always been my utmost priority. Unless I am completely absent from the company during this period, this institution would not be practising the highest standards of corporate governance that we want to stand for, and I would be undermining what I have described as my utmost career priority,» said Nazir Razak.

The prime minister has always maintained his innocence, insisting no money was used for personal gain.


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