Nazir Razak takes leave to allow review into US$7 mil transfer

CIMB Group Holdings Chairman Datuk Seri Nazir Razak confirmed that he will voluntarily take a leave of absence starting today.

This was to allow an independent review to be carried into the bank’s process and policies, regarding a US$7 million transfer issue.

During a press conference held after the general meeting, Nazir said the internal review, which started on April 5, was expected to be concluded in several weeks.

"I did not announce this matter earlier because there was no need for it, as I did not violate any law.

"I regret this action, but it doesn't affect my reputation and CIMB. I am ready to be transparent and take a leave of absence while review is being carried out," he said.

Meanwhile, AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes on his Instagram account today, described Nazir's actions as a "class act".

"The action was made for the benefit of good corporate governance and transparency," he said.

Reviews will be conducted by independent consultant, Ernst and Young.

Class act by Chairman of CIMB Nazir Razak. Voluntarily has taken leave from today to allow an independent investigation into the 7 million transfer. For the benefit of good corporate governance and transparency

A photo posted by Tony Fernandes (@tonyfernandes) on
Apr 17, 2016 at 8:00pm PDT

The CIMB Group held its 59th annual general meeting today and Nazir was reported to present at the meeting.

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

CIMB's share price shed one cent at lunch break to RM4.87 with 4.15 million shares transacted.