Nazir takes leave of absence from CIMB
THE chairman of Malaysia's CIMB Group Holdings, Nazir Razak, has taken a voluntary leave of absence pending an independent review of the bank's processes, a company source said yesterday.
Mr Nazir made the announcement to shareholders yesterday at the annual general meeting (AGM) of Malaysia's second-biggest lender by assets, the source added.
The decision is related to a recent revelation that he received US$7 million (S$9.5 million) in funds transferred to his personal bank account from his brother, Malaysian Prime Minister Najib Razak, the source said.
Mr Nazir is expected to hold a press conference after the AGM to announce the decision.