Press Release- Transparency International-Malaysia
FOR IMMEDIATE RELEASE
Come Out Clean After CIMB Review by Third Party
PRESS STATEMENT, 20 April 2016 Kuala Lumpur -Transparency International Malaysia (TI-M) would like to put on record that the decision by CIMB Group Holdings Berhad Chairman Datuk Seri Nazir Razak to take a voluntary leave of absence pending an independent review of the bank’s processes as not only noble but also necessary. The decision is related to Nazir’s recent Instagram post where he expressed regret in helping his brother to distribute some US$7 million (RM27.5 million) to politicians before the 2013 general election.
This unfortunate episode highlights the importance of Corporate Governance to a company, and why it is crucial for directors to be well versed in it. For example, was the US$7 million deposit reported to Bank Negara Malaysia? These rules were put in place to help curb money laundering.
TI-M welcomes the setting up of a due diligence study to review the processes on banking activities related to Nazir’s personal account with regard to the series of controversial fund transfers from his bank account. The review will be done by an external party to ensure objectivity and impartiality.
TI-M hopes that all companies notably public listed and GLC’s will recognise the importance of not only having a strong Corporate Governance structure, but practicing it as well.
Dato’ Akhbar Satar
Transparency International-Malaysia is an independent, non-governmental and non-partisan organisation committed to the fight against corruption.