End of an era in banking

FILE PHOTO: Malaysias CIMB Chairman Nazir Razak reacts at the launch of the report Re-drawing the ASEAN Map: How companies are crafting new strategies in Southeast Asia in Kuala Lumpur January 14, 2015. REUTERS/Olivia Harris/File Photo

WHEN 1Malaysia Development Bhd (1MDB) was in the process of being set up, Datuk Seri Nazir Razak (pic) had already warned his brother of the dire consequences of setting up another sovereign wealth fund in Malaysia.

In fact the biggest obstacle for Low Taek Jho, better known as Jho Low in 2009, was Nazir. Jho Low feared that Nazir would put a stop to the first fund raising by 1MDB of RM5bil that was completed sometime in September that year.