<article><a style="color: #000080;" href="https://www.cimb.com/en/index.html" target="_blank">CIMB Group Holdings</a> chairman Nazir Razak has voluntarily taken a leave of absence beginning today, to facilitate an independent investigation into a $7 million transfer of funds in the bank.</article>

<a style="color: #000080;" href="https://www.cimb.com/en/index.html" target="_blank">CIMB Group Holdings</a> chairman Nazir Razak has voluntarily taken a leave of absence beginning today, to facilitate an independent investigation into a $7 million transfer of funds in the bank.
The banking veteran announced that during CIMB&#8217;s annual general meeting on Monday, after which he told reporters that the internal review, which started on April 5, was expected to be concluded in several weeks.
The $7 million in question were funds Razak helped distribute ahead of the 13th Malaysian general elections in 2013. Razak is the brother of current Prime Minister Najib Abdul Razak, but is not a member of the ruling political party.
Investigations will be conducted by independent consultant, <a style="color: #000080;" href="http://www.ey.com/" target="_blank">Ernst and Young</a>. CIMB Group runs the largest commercial bank in Malaysia, the largest investment bank in Asia-Pacific-based (ex Japan) and is among the largest Islamic bank in the world.
&#8220;I did not announce this matter earlier because there was no need for it, as I did not violate any law. I regret this action, but it doesn&#8217;t affect my reputation and CIMB. I am ready to be transparent and take a leave of absence while investigations is being carried out,&#8221; he told local reporters.
&#8220;I think the investors (in the bank) want to see us practising the best governance standards. In this case, we are applying the best standards and more. It is questionable whether as a non-executive chairman I should go on leave, because I am not in the office every day anyway, but investors will appreciate that this is the highest standards of corporate governance that is being applied in CIMB,&#8221; he said.
In a post on his Instagram account earlier, AirAsia Bhd founder and chief executive officer Tony Fernandes applauded Razak&#8217;s move, calling it a &#8220;class act&#8230;for the benefit of good corporate governance and transparency&#8221;.
Last month, <a style="color: #000080;" href="http://www.wsj.com/articles/malaysian-leader-spent-millions-on-luxury-goods-1459383835" target="_blank">The Wall Street Journal (WSJ)</a> quoted Razak on his receipt of the money from Prime Minister, which was transferred to ruling party politicians according to instructions.
A day after the WSJ report, Razak posted on Instagram that he was asked by his brother to urgently help pass on cash to party machinery.
&#8220;I assumed and believed, in good faith, that the funds came from legit political funding-raising. Entire amount was distributed, not a sen retained by me,&#8221; he said in his posting.
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CIMB chairman Nazir Razak goes on leave over $7m investigation

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CIMB chairman Nazir Razak goes on leave over $7m investigation

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