Nazir resumes roles at CIMB, review finds he did not misuse position

PETALING JAYA: Datuk Seri Nazir Razak resumes his roles as CIMB Group Holdings Bhd chairman and CIMB Bank Bhd director today following the completion of a comprehensive review, which found process shortcomings at the bank.
"The findings from the review concluded that Nazir did not misuse his position as the group chief executive at that time nor was there any inappropriate use of the bank's resources," the banking group said in a statement yesterday.
Detailed examinations conducted during the review however, identified some process shortcomings, and the boards of CIMB Group and CIMB Bank have instructed the management to put in place plans for immediate improvements as well as strengthened internal rules and processes to avoid a re-occurrence.
The nature of the process shortcomings was not specified in the statement.
The review, which began on April 5, 2016, was conducted by the boards on the banking activities relating to Nazir's personal account.
The boards had appointed Ernst & Young and sought independent legal advice to assist them with the review. Nazir went on a voluntary leave of absence for one month, pending the review outcome.