Nazir Abdul Razak, brother of Prime Minister Najib Abdul Razak, today denied he was planning to set up a new political party.
"I refer to recent news reports that I am setting up a new political party.
"This is not true," he said in a statement.
Nazir, who is CIMB chairperson, said he has been discussing about the setting up of a NGO to advocate moderation.
Nazir said he has been "growing increasingly concerned" about the socio-political environment as well as its impact on the economy.
"In this context I have had conversations with like-minded friends, including Saifuddin Abdullah (photo), about the need to better enable moderate Malaysians to voice their views, concerns and suggestions.
"We have discussed setting up a NGO but it remains just an idea at this moment," he said.
Yesterday, Asia Sentinelreported that Nazir was looking to fund a political party.
It added that Nazir wanted to remain in the background and asked Saifuddin, a former Umno deputy minister, to step forward as the public face of this new movement.
This was amid concerns of growing racial and religious divide in the country which both the ruling coalition and opposition appear unable to address.