Nazir Razak did not misuse his position, says CIMB board

CIMB said a comprehensive review has found that its group chairman and director Datuk Seri Nazir Razak had not misused his position. — Picture by Saw Siow Feng
CIMB said a comprehensive review has found that its group chairman and director Datuk Seri Nazir Razak had not misused his position. — Picture by Saw Siow Feng

KUALA LUMPUR, May 18 — The comprehensive review on the banking activities relating to Datuk Seri Nazir Razak’s personal account has found that the CIMB Group Chairman and CIMB Bank Director did not misuse his position.

In a statement today, CIMB said in accordance with the findings and other supporting factors, Nazir would resume his role and position in the group, effective tomorrow.

“Apart from the findings of the review, the boards of CIMB Group Holdings Bhd and CIMB Bank Bhd also took into consideration the vote of confidence from shareholders for Nazir’s continued chairmanship at our 2016 annual general meeting, as well as, his track record of serving the group in various capacities since 1989, in arriving at the decision,” it said.

Nazir has been on a voluntary leave of absence since April 19, 2016 to ensure the complete independence and integrity of the review, undertaken by the group following his admission of his role in the distribution of US$7 million (US$1=RM4.04) fund ahead of the 13th General Election.

The statement said Nazir’s return marked the completion of the comprehensive review.

“The boards have appointed an external audit firm, Messrs. Ernst & Young and had sought independent legal advice to assist them with the review,” it said.

The statement said the findings from the reviews concluded that Nazir did not misuse his position as the Group Chief Executive at that time nor was there any inappropriate use of the bank’s resources.

However, the detailed examinations conducted during the review identified some process shortcomings and the boards have instructed the management to put in place plans for immediate improvements, as well as, strengthened internal rules and processes to avoid reoccurrences, moving forward.

“The boards are committed to maintaining the highest standards of corporate governance in our organisation and this decision was taken with firm intent towards fulfilling these obligations,” Group Senior Independent Director and Chairman of the Audit Committee Datuk Mohd Nasir Ahmad was quoted as saying in the statement. — Bernama