CIMB chairperson Nazir Razak has taken leave to allow an independent investigation regarding the US$7 million issue.
This was revealed in an Instagram post by AirAsia chief executive officer Tony Fernandes, who is known to be a close associate of the banker.
Though Fernandes did not mention details, it is believed he was referring to the sum Nazir transferred on behalf of his brother, Prime Minister Najib Abdul Razak.
The Air Asia boss posted an image of CIMB Group Holdings's 59th AGM with the caption, “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
Nazir landed in the spotlight last month after The Wall Street Journal quoted him as confirming that he received the sum from his brother.
The money was then transferred to ruling-party politicians according to the instructions of party leaders.
However, Nazir told WSJ that he believed the money was from donations he helped raise from Malaysian corporations and individuals for the elections, and is not sure of any other source of the funds.
Following this report, the CIMB chairperson said he wished he did not help Najib on this issue.
“I understand the furore, and with hindsight, I wish I didn't," he wrote on Instagram.
"I assumed and believed, in good faith, that the funds came from legitimate political fund-raising," he said, adding that the entire sum had been disbursed.
Nazir, at a press conference after CIMB Group Holding's 59th AGM, confirmed he was going on leave to facilitate the internal review.
“Unless I am completely absent from CIMB, the bank cannot operate at its highest level of integrity,” he said.
