CIMB chairperson Nazir Razak has confirmed going on leave to facilitate an internal review regarding the transfer of US$7 million.

“Unless I am completely absent from CIMB, the bank cannot operate at its highest level of integrity,” he told a press conference at the bank’s annual general meeting in Kuala Lumpur today.

Nazir said he also took the opportunity to personally address stakeholders’ concerns over the amount received from his brother, Prime Minister Najib Abdul Razak, and transferred to Umno leaders ahead of the 13th general election in 2013.

“I have spent my entire 26 years in the banking career helping to build CIMB Group into one of the most respected banking institutions in this region.

“I am very thankful for this opportunity to address shareholders personally on the recent negative publicity around my role in assisting my brother, the Umno president, during the last general election,” said Nazir in stressing that upholding the reputation and wellbeing of CIMB Group has always been his priority.

The Wall Street Journal had on March 31 quoted Nazir as having confirmed that he received the US$7 million from Najib and it was later disbursed by bank staff to ruling-party politicians according to the instructions of party leaders.

At that time, Nazir also reportedly said that he believed the money was from donations he helped raise from Malaysian corporations and individuals for the election.

In reiterating his stand today, Nazir said: “I will never put my reputation and CIMB’s reputation by extension at such risk knowingly.”

“I understand, however, that since this matter has come into the public domain, it has become a core concern of stakeholders. I therefore support and welcome the board’s action so far, including to initiate an independent review process,” he said.

CIMB Group executive Tengku Zafrul Aziz Tengku Abdul Aziz, meanwhile, said that the internal review process was expected to be concluded in a few weeks.

“The decision (by Nazir) was taken voluntarily. The board accepts and respects his decision, and we have always been convinced that Datuk Seri (Nazir) upholds the highest standards of corporate governance.

“The board review had commenced on April 5 and we have appointed an external audit firm to assist in the review…,” he said.

Earlier, AirAsia chief executive officer Tony Fernandes also posted on social media about his close associate Nazir taking leave, describing it as a “class act”.