Nazir vows to assist MACC to recover 1MDB funds

  • Nation
  • Wednesday, 09 Oct 2019

PETALING JAYA: Former CIMB Group chairman Datuk Seri Nazir Razak says he fully respects the work that the Malaysian Anti-Corruption Commission is doing to recover funds belonging to 1Malaysia Development Bhd (1MDB) and promises to assist MACC as best as he could.

“I have been a vocal and frequent critic of 1MDB, and the idea that the funds that flowed through the account may have originated from 1MDB has been gut-wrenching, ” he said in a statement yesterday.

The younger brother of former prime minister Datuk Seri Najib Razak – who is currently facing trial over matters relating to 1MDB – said he intended to engage with MACC in its bid to resolve the recovery of 1MDB funds.

Nazir noted that he previously confirmed that Najib had transferred RM25.7mil to an account in his name in 2013.

“The funds were subsequently disbursed in cash and in full to Najib’s representatives for what I understood were election campaign purposes – not a sen was retained or used by me, ” he said.

He added that when the alleged links between 1MDB and Najib’s fund transfer surfaced in the media in April 2016, he had taken voluntary leave from his positions at CIMB in order for the boards of CIMB Group and CIMB Bank to conduct a full review of what transpired.He said they engaged an accounting firm and a legal firm to carry out the task, and he was subsequently cleared and invited back to the board (after a 30-day leave).

Nazir, 52, retired from his post as chairman at the banking group in October 2018 after being with the lender for 29 years.

On Monday, MACC announced that it was seeking to recover RM420mil in two weeks from 80 entities – comprising individuals, companies, political parties, foundations and organisations – who had received money from 1MDB.MACC said the amount was classified as fines.

It is not known how much Nazir, who was among those named, will have to pay as the fine can be as low as the amount received or 2.5 times higher.

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