CIMB Clears Chairman of Wrongdoing Over Malaysia Political Funds
- Nazir helped distribute money to politicians in 2013
- He took leave from role as CIMB Group chairman during review
Nazir Razak
Photographer: Goh Seng Chong/BloombergThis article is for subscribers only.
CIMB Group Holdings Bhd. cleared Chairman Nazir Razak of misusing his position or the bank’s resources when he helped his brother -- Malaysia’s prime minister -- distribute funds to politicians before elections three years ago.
Nazir will resume his post at CIMB Group and as a director of CIMB Bank from Thursday after taking a monthlong leave of absence, according to a stock exchange filing. The boards of the two companies appointed Ernst & Young to conduct an audit into Nazir’s activities and sought independent legal advice, they said.