The government must be more transparent with regard to the 1MDB scandal, according to CIMB chairperson Nazir Razak.

"It's been a very painful number of months in the international media.

"I think they are trying to complete the financial restructuring of 1MDB, but I think the government still needs to improve in terms of overall transparency and understanding of what exactly transpired," he told CNBC's "Street Signs"...