CIMB Chairman commented 1MDB

Nazir Razak

SHAH ALAM - CIMB Group Bhd chairman, Datuk Seri Nazir Razak criticized the government-owned company 1Malaysia Development Bhd (1MDB) which do not take efforts to address growing concerns about the agency's financial funds.

According to him, the agency in charge of the agency should appoint an independent auditor to certify the accounts of the transactions relating to the financial position 1MDB and not wait for the action of the Auditor General (AG).

"Responsible Party must appoint an independent auditor now ... Otherwise, the board of directors and management (in my opinion) should resign.

"It is a fundamental responsibility of every leader of a body or constitution. If any element of fraud or the like in the financial system, they should be responsible for these things. But instead, they just wait for the action of the AG," he said as quoted by news portal reports Local today.

Reports from Singapore yesterday stated that a consortium of banks led by Deutsche Bank has been asked to repay the loan four months in advance of the due date.

According to the report, lenders began to fidget after doubts arose about the collateral held in a foreign bank based in Singapore.

"It's better that they resign and let someone else come in and take over 1MDB," he said.

1MDB is a fund which is wholly owned by the Finance Ministry.

President and Executive Director 1MDB group, Arul Kanda said he could not comment on the repayment of a bond issue of US $ 975 million (RM5.1 billion) as it relates to matters confidential banking.