Under fire over his role in facilitating transfer of funds from Prime Minister Najib Abdul Razak to Umno leaders, CIMB chairperson Nazir Razak today said that it was a one-off favour for his brother.

"There was no other time when my brother asked for this kind of assistance," Nazir told reporters after chairing CIMB Group's annual general meeting in Kuala Lumpur today.

Nazir earlier announced that he has taken leave to allow an independent review regarding the US$7 million he had transferred from his personal account on behalf of his brother.

In reiterating his regret over having compromised CIMB'S reputation, Nazir also insisted that he believes there was nothing illegal over the transfer process in 2013.

“For the record, these events took place three years ago in 2013.

“My brother asked for some help and I agreed after I assessed that it would not involve anything illegal or misusing my position at CIMB for any inappropriate use of CIMB resources,” he said.

“And thirdly, I acted based on what I knew at that time. And of course, given all the controversies around 1MDB and sources of political fundings since 2014, I regretted (doing) it,” said Nazir who was reading his special chairman’s address to the shareholders.

Nazir was also asked how many times he had transferred funds on Najib’s behalf and whether he was ever aware of the original source of funds.

Public outcry

Nazir, in response, maintained that he had only done so as a favour for Najib and with full confidence he did not breach any laws or compromise CIMB’s position in any way.

“I looked at what my brother asked of me, it was a favour.

“It does not seem to involve anything illegal or inappropriate use of my position and so I obliged. It is as simple as that,” he said.

The Wall Street Journal had on March 31 quoted Nazir as having confirmed that he received the US$7 million from Najib and it was later disbursed by bank staff to ruling-party politicians according to the instructions of party leaders.

At that time, Nazir also reportedly said that he believed the money was from donations he helped raise from Malaysian corporations and individuals for the general election.

Following public outcry, Nazir had in an Instagram posting on April 4 said on hindsight, he should not have obliged Najib’s request for assistance.