CIMB Group chairman Nazir Razak takes leave over US$7m transfer investigation

The Board of CIMB Group Holdings Berhad announced at its 59th Annual General Meeting today that Dato’ Sri Nazir Razak will take a voluntary leave of absence from his positions as Chairman of CIMB Group and Director of CIMB Bank, with effect from close of business today till the completion of an ongoing Board review on the banking activities relating to his personal account, first reported by the Wall Street Journal on 31 March 2016.

Explaining his decision, Nazir said, “The reputation and well-being of this banking group has always been my utmost priority. Unless I am completely absent from the company during this period, this institution would not be practising the highest standards of corporate governance that we want to stand for, and I would be undermining what I have described as my utmost career priority.”

Representing the Board, Senior Independent Director and Chairman of CIMB Bank Berhad Board, Dato’ Zainal Abidin Putih said, "This decision was taken voluntarily by Nazir. The Board respects and accepts his decision as having served alongside Nazir on the Board, the members have always been convinced that he upholds the highest standards of corporate governance."

The Board review has commenced on 5 April 2016 and appointed an independent and external audit firm, Messrs. Ernst & Young to assist with the review. The review is expected to complete in a few weeks' time.