Business Politics

Many unhappy with CIMB decision on Nazir

nazir razak

Zaidi Azmi
Written by Zaidi Azmi

KUALA LUMPUR – May 19, 2016: The CIMB board’s decision to allow Datuk Seri Nazir Razak to continue as the group’s chairman and bank director has not gone down well with some Malaysians.

Those who criticised the decision argued that it was absurd of the board to decide that Nazir had not misuse his position to disburss millions of ringgit to Barisan Nasional leaders in the run-up to the 2013 general election.

Instead they insisted that Nazir, youngest brother of Prime Minister Datuk Seri Najib Razak, was guilty because he had admitted to his role in distributing RM27 million in political contributions.

“Helping people to transfer illegal or dirty money is already a crime,” wrote Facebooker Yeo Hui Kiang, “But in Malaysia that is normal especially for BN/Umno.”

“What!? He is not guilty of what he did? Well, the power of the powerful says it all!” wrote Nadiah Leong, “Darn. Nazir, you may be free now but not when you meet your maker?”

“What is the point of having banking rules and regulations? What is the point of having compliance department, internal and external auditors?” was the sarcastic response from Deva Shaveri.

Interestingly, some pointed out that such an outcome was not entirely unexpected despite CIMB’s internal investigation.

“Was anyone expecting a different outcome?” asked Sathis Kumar.

“Expected the outcome…just a show to the public by going on a leave,” wrote Fawzia Ali as she referred to Nazir’s decision to voluntarily take leave of absence last month to give way for an independent investigation.

“The so-called investigation is just for show only. It won’t be a problem to him at all because his brother is the PM (Prime Minister),” wrote Wong Peng Soon.

Apart from deciding that Nazir had not abused his position, CIMB informed Bursa Malaysia that Nazir had not been involved in any inappropriate use of the bank’s resources.

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About the author

Zaidi Azmi

Zaidi Azmi

If Zaidi Azmi isn’t busy finding his way in the city, this 26-year-old northern kampung boy can be found struggling to make sense of the Malaysian political scene. Zaidi can be reached at [email protected]