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Nazir resumes as CIMB Group chairman

Nazit took voluntary leave of absence from last April 19 to allow an independent internal enquiry to be conducted.

Nazit took voluntary leave of absence from last April 19 to allow an independent internal enquiry to be conducted.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — May 18, 2016: Datuk Seri Nazir Razak will resume his role as chairman of CIMB Group and director of CIMB Bank from tomorrow after an internal enquiry did not show that he had misused his position in disbursing US$7 million of political funds prior to the 2013 general election.

CIMB informed Bursa Malaysia today that Nazir  did not misuse his position as the group chief executive then, nor was there any inappropriate use of the bank’s resources.

“However, the detailed examinations conducted during the review identified some process shortcomings and the boards have instructed the management to put in place plans for immediate improvements as well as strengthened internal rules and processes to avoid reoccurrences moving forward.”

The  boards had appointed audit firm Messrs. Ernst & Young and sought independent legal advice to assist them with the review. Nazir had been on a voluntary leave of absence since last April 19 to ensure the complete independence and integrity of the review.

In another note to the bourse, Sasbadi Holdings said it has received a contract from the education ministry to publish, print and supply the textbook for Chinese language for form 1 of national schools in the country.

The contract is from today to December 31, 2018, valued at RM1.64 million. The contract was awarded to Sasbadi’s  indirect subsidiary, Malaya Press Sdn. Bhd. (TMP).

The company said the contract will not have any material effect on the earnings and net assets of the Sasbadi Group for the financial year ending this August 31 as TMP is only expected to deliver the first tranche of the contract in the first quarter of next year.

It is only expected to contribute positively to the earnings and net assets of the group for the 2017 financial year and onwards.

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