Malaysia's CIMB chairman Nazir Razak takes voluntary leave of absence

Malaysia's CIMB chairman Nazir Razak takes voluntary leave of absence

The chairman of Malaysia's CIMB Group Holdings Bhd Nazir Razak has taken a voluntary leave of absence pending an independent review of the bank's processes, a company source said on Monday.

Mr Nazir made the announcement to shareholders on Monday at the annual general meeting (AGM) of Malaysia's second-biggest lender by assets, the source said.

The decision is related to a recent revelation that Mr Nazir received US$7 million (S$9.50 million) in funds transferred to his personal bank account from his brother, Malaysian Prime Minister Najib Razak, the source said.

Mr Nazir is expected to hold a press conference after the AGM to announce the decision.

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