Asia Pacific, Banking, News

CIMB Group Holdings Bhd Clears Chairman of Wrongdoing

CIMB Group Holdings Bhd Clears Chairman of Wrongdoing

CIMB Group Holdings Bhd has cleared Chairman Nazir Razak of misusing his position or the bank’s resources when he helped his brother. Nazir will resume his post at CIMB group and as a director of CIMB Bank from Thursday after taking a month long leave of absence, according to a stock exchange filing.

“CIMB Group Holdings Bhd has cleared Chairman Nazir Razak of misusing his position or the bank’s resources when he helped his brother.”

~ Bloomberg

An audit done by Ernst & Young has found that Nazir did not misuse his position as the Group Chief Executive at that time nor was there any inappropriate use of the bank’s resources. He was Group CEO of the lender from November 2006 to August 2014.

Related Reports: Bloomberg, South China Morning Post

 

About CIMB Group

CIMB Group is a leading ASEAN universal bank, one of the largest Asian investment banks and one of the world’s largest Islamic banks.

We are headquartered in Kuala Lumpur, Malaysia and offer consumer banking, commercial banking, wholesale banking, Islamic banking and asset management products and services.  As the fifth largest banking group in ASEAN, we have over 40,000 staff in 17 locations across ASEAN, Asia and beyond.

Visit: CIMB


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