Nazir Razak Denies Using Any 1MDB Money, to Assist MACC

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Former CIMB Bank chairman Datuk Seri Nazir Razak, who was among 80 individuals and entities served compound notices by the Malaysian Anti-Corruption Commission (MACC) to recover RM420 million of 1Malaysia Development Bhd’s (1MDB) funds has claimed innocence.

The younger brother of Datuk Seri Najib Razak in a statement said he was doing Najib a favour when he was asked to use his bank account for transactions totalling up to RM25.7 million.

Olivia Harris/Reuters

“I acted in good faith and obliged to his request. I did not retain or use a single sen,” he added.

He was referring to a MACC RM420 million recovery plan that named him as one of the 80 persons and entities who received more than RM500,000 in alleged 1MDB monies.

Nazir said the funds transferred into his account were subsequently disbursed in cash and in full to Najib’s representatives for what he understood as funds meant for the 13th General Election (GE13) campaign.

He claimed he had no reason to suspect the source of funds since it was said to be from a legitimate political fundraising initiative.

“When the alleged links between 1MDB and Najib’s fund transfer surfaced in the media in April 2016, I took voluntary leave from my positions at CIMB in order for the boards of CIMB Group and CIMB Bank to conduct a full review of what transpired.

“They did so with the help of an accounting firm and legal firm,” he said, adding that he was subsequently cleared and invited back to the board.

Nazir added that he had been a vocal and frequent critic of 1MDB, and the thought that the money that flowed through that account could be from the state investment fund still upset him.

“I intend to engage with the MACC to resolve this matter.

“I fully respect the work that they are doing to recover the 1MDB funds and will assist as best as I can,” he said. – NST


Earlier report: Oct 7, MACC Issued Compound Notices to 80 Individuals, Entities to Recover 1MDB Funds