Tuesday, April 28, 2015

CIMB boss: 1MDB should address public's concern

2:00PM Apr 28, 2015
By Nigel Aw
CIMB chairperson Nazir Abdul Razak today said controversy-plagued 1Malaysia Development Berhad (1MDB) should disclose whatever information needed to allay concerns about the debt-ridden company.

The comment comes amid 1MDB's refusal to address reports claiming that billionaire Jho Low had siphoned the company's money, stating that it does not comment on speculations and market rumours.

"I have no solution to it but I think we probably should know - disclose what needs to be disclosed in order for people to have a full picture and allay their worst fears.

"I just said its something that's there, everyone is concerned about it, so you need to allay concerns. Put concerns to rest, that is all," told a press conference in Kuala Lumpur today.

He was asked if he had any advice or solution for the 1MDB quagmire after criticisng the company last Thursday for not showing up at a major investment forum which could have been used to address concerns about the company.

The earlier, the better

Nazir added that if the people were kept in the dark, they then would "expect worse than the worst".

However, said Nazir, he concurred with Bank Negara Governor Zeti Akhtar Aziz that 1MDB did not pose a "systemic risk".

Nonetheless, he reiterated that it would be good to be able to put the issue behind.

"I said it is good to put this issue behind us in the sense that whilst it is still out there, people assume the worst.

"It is therefore impacting investor sentiments towards Malaysia.

"So the earlier this gets resolved, the better it is for stock market sentiment and the sentiment around the ringgit," he noted.

~ Malaysiakini

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