KUALA LUMPUR: CIMB Group Chairman, Datuk Seri Nazir Razak, will be on leave of absence beginning today pending an internal review of US$7 million which he helped distribute ahead of the 13th General Election.
Speaking to reporters Monday, he said, the internal review, which started on April 5, was expected to be concluded in several weeks.
He said the board has engaged Ernst & Young as external auditor to assist in the review process.
“For the record, this event took place three years ago in 2013.
“My brother asked for some help and I agreed after I assessed that it would not be involved (with) anything illegal or misusing my position or any inappropriate use of any CIMB resources,” he said after the group’s annual general meeting here today.
Nazir said the review was initiated in light of a news report allegedly confirming that he had received US$7 million into his account from Prime Minister Datuk Seri Najib Tun Razak, who is also his older brother.
Nazir added that he acted based of what he knew at that time and regretted the action given the controversies around 1MDB and sources of political funding since 2014.
“I would never put my, or by extension, CIMB’s reputation at such risk knowingly,” said Nazir, adding that he supported the board’s action to receive his full explanation and initiated independent review from Ernst & Young.
Nazir said he has chosen to make the announcement today so he could address the shareholders directly.