HIs younger brother Nazir Razak, a banker of international repute, yesterday DID THE RIGHT and PROPER GENTLEMANLY THING as Chairman of AMBANK -- he stood down as chairman because he felt responsible for using the Bank to help brother-PM to disburse USD7miilion just prior to the 13th GEneral Elections. A lttle late no doubt, BUT to DEsi, it's better late than never, as the international media only recently broke the story of banker Nazir having played a role in breach of the AMBANK's chairman's duties to the Bank and to himself.
From the sundaily.my:~~~~
Nazir Razak takes leave of absence over US$7m (Updated)
Posted on 18 April 2016 - 12:54pm
Last updated on 18 April 2016 - 07:35pm
Last updated on 18 April 2016 - 07:35pm
The group has also appointed external audit firm Messrs Ernst & Young (EY) to assist with the review, following a special board meeting held on April 5 when the board decided to conduct the review in relation to the US$7 million political funding that Nazir helped distribute in 2013.
Nazir speaking to shareholders after its AGM today, said that his decision is an additional measure - on top of his full explanation to the board, a report from the group's internal compliance and the independent review by EY - to ensure the complete integrity of the board's review process.
On his role in assisting his brother, Prime Minister and UMNO president Datuk Seri Najib Abdul Razak during the last general election in 2013, Nazir said he agreed to help after assessing that it would not involve anything illegal, misuse of his position at CIMB or involve any inappropriate use of the group's resources.
"I wish I hadn't done it because since 2014, there's been a lot of controversy around 1MDB, sources of political funding. So I regret it because it has dragged me into that whole conversation. But as I said, there was nothing in the air in 2013 ... I looked at what my brother asked of me. It was a favour and it didn't seem to involve anything illegal or any inappropriate use of my position so I obliged. It's as simple as that," he added.
On whether Najib had asked for such favours at any other time, he said that there was no other time that his brother had asked for this kind of assistance.
CIMB Group Holdings group CEO Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the board respects and accepts Nazir's decision and the review will be completed in a few weeks' time, after which the board will deliberate on its next step.
He said the review will entail looking into the bank's processes especially in terms of anti-money laundering as well as the process of the whole chain of the transfer of funds.
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In any other country purportedly running as a Parliamentary democracy. the Prime MInistry would have been FORCED TO STAND DOWN AS PM, but Najib RAzak not to. INstead his blood brother paid an unusually heavy prize for "behaving as a brother doing favours to the elder".
I salute ONE, and despise the other WAN. One is a Man, the other is COMPLEATLY CLUELESS as to what INTEGRITY, RESPONSIBILITY And ACCOUNTABILTY MEANS when holding the HIGHEST ELECTED OFFICE IN THE LAND WE fondly call NegaraKu!
IMHO, NAJIB as PM and the WHOLE CABINET should go! I beleve many of my fellow Malaysians also share my humble opiniion. -- YL, Desi, knottyaSsusual
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Let's hear it from across the CAUSEWAY, from todayonline.com:~~~~~~
World
End of the road for architect of bank’s rise
Mr Nazir Razak. Photo: Reuters
SINGAPORE — Malaysian corporate figure Nazir Razak (picture) is a
well-respected banker in Malaysia and around the region who steered
CIMB Bank into one of the region’s major banking groups.
A career banker, Mr Nazir joined the corporate advisory department of Commerce International Merchant Bankers Berhad (now known as CIMB Investment Bank) upon his return from the United Kingdom in 1989 after completing his studies, and rose through the ranks to become Malaysia’s youngest CEO of a bank at the age of 33 in 1999.
During his time in CIMB, Mr Nazir spearheaded the bank’s
transformation from a Malaysian investment bank into a regional
universal bank via the acquisition of numerous local and foreign
regional banks.
He also turned CIMB into Malaysia’s second-largest bank by assets and one of the Association of South-east Asian Nations’ (ASEAN) leading banking groups, offering services such as consumer, investment and Islamic banking, asset management and insurance products.
“Nazir is one of CIMB’s key drivers of success. He saw through the merger of CIMB with other banks and spearheaded CIMB’s expansion into a major regional bank,” said economist Dr Yeah Kim Leng, who is the Dean of the School of Business at Malaysia University of Science and Technology.
“Nazir is also one of the key players to develop the ASEAN banking integration framework,” Dr Yeah told TODAY, in reference to the banking structure that aimed to achieve ASEAN-wide banking sector liberalisation.
Headquartered in Kuala Lumpur, CIMB Group has about 1,000 branches in Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos, as of December last year. It also has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, Korea, the UK and the United States.
During his tenure as CIMB’s CEO, Mr Nazir was conferred top awards.
He was the youngest recipient of FinanceAsia’s Lifetime Achievement Award in 2009 and was also awarded Euromoney’s 2012 Outstanding Achievement Award in recognition of his outstanding contribution to the Asian financial markets.
Last year, he was conferred the prestigious Asia House Asian Business Leaders Award for his overall contribution to economic success, professional excellence, moral leadership and service to society.
Mr Nazir, 50, stepped down as CEO of CIMB in 2014, and assumed the position of chairman, and has been vocal about national issues, often posting his views on his Instagram accounts.
In a 2014 newspaper article, Mr Nazir had subtly criticised his brother, Prime Minister Najib Razak, by praising the frugal lifestyle of their father — Malaysia’s second Prime Minister, Abdul Razak Hussein — recalling that as boys, his brothers asked their father to build a swimming pool at the prime minister’s official residence. Mr Nazir wrote: “Anything spent on it would have to come from public funds, and there was no way he was going to allow the state coffers to be depleted on something as frivolous as a swimming pool.”
A career banker, Mr Nazir joined the corporate advisory department of Commerce International Merchant Bankers Berhad (now known as CIMB Investment Bank) upon his return from the United Kingdom in 1989 after completing his studies, and rose through the ranks to become Malaysia’s youngest CEO of a bank at the age of 33 in 1999.
He also turned CIMB into Malaysia’s second-largest bank by assets and one of the Association of South-east Asian Nations’ (ASEAN) leading banking groups, offering services such as consumer, investment and Islamic banking, asset management and insurance products.
“Nazir is one of CIMB’s key drivers of success. He saw through the merger of CIMB with other banks and spearheaded CIMB’s expansion into a major regional bank,” said economist Dr Yeah Kim Leng, who is the Dean of the School of Business at Malaysia University of Science and Technology.
“Nazir is also one of the key players to develop the ASEAN banking integration framework,” Dr Yeah told TODAY, in reference to the banking structure that aimed to achieve ASEAN-wide banking sector liberalisation.
Headquartered in Kuala Lumpur, CIMB Group has about 1,000 branches in Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos, as of December last year. It also has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, Korea, the UK and the United States.
During his tenure as CIMB’s CEO, Mr Nazir was conferred top awards.
He was the youngest recipient of FinanceAsia’s Lifetime Achievement Award in 2009 and was also awarded Euromoney’s 2012 Outstanding Achievement Award in recognition of his outstanding contribution to the Asian financial markets.
Last year, he was conferred the prestigious Asia House Asian Business Leaders Award for his overall contribution to economic success, professional excellence, moral leadership and service to society.
Mr Nazir, 50, stepped down as CEO of CIMB in 2014, and assumed the position of chairman, and has been vocal about national issues, often posting his views on his Instagram accounts.
In a 2014 newspaper article, Mr Nazir had subtly criticised his brother, Prime Minister Najib Razak, by praising the frugal lifestyle of their father — Malaysia’s second Prime Minister, Abdul Razak Hussein — recalling that as boys, his brothers asked their father to build a swimming pool at the prime minister’s official residence. Mr Nazir wrote: “Anything spent on it would have to come from public funds, and there was no way he was going to allow the state coffers to be depleted on something as frivolous as a swimming pool.”
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