1MDB should disclose details: CIMB chairman

KUALA LUMPUR: Controversial 1Malaysia Development Bhd (1MDB) should disclose what it should while people should put the concerns of 1MDB to rest, said CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak.
"We should disclose what needs to be disclosed in order for people to have a full picture and allay the worst fears. When people don't know, they expect the worst of the worse," Nazir told a press conference after CIMB's AGM here yesterday.
Nazir had expressed his disappointment over 1MDB's no-show at the Invest Malaysia 2015 last week, pointing out that news of 1MDB had affected the valuation of the ringgit as well as investors' sentiment. However, he stressed that 1MDB is not a systemic issue.
When asked whether his comments on 1MDB could have sparked speculation that Nazir and his brother Prime Minister Datuk Seri Najib Abdul Razak were having disagreements, Nazir did not see why it would have given rise to such speculation.
"My comments are nothing very controversial. There are always agreements and disagreements (between brothers) and it's healthy. Do you agree with everything your brother does? We're brothers. That's normal," said Nazir.
Najib is the Finance Minister and chairman of the board of advisers of 1MDB.
He also said that it was the Finance Ministry that decided that CIMB will not serve as its advisers on the potential sale of 1MDB's power asset.
"We were appointed and a few days later, they changed their minds and didn't want to continue with the possible alternative trade sale. That's all we know. Clients do that from time to time," he said.