Gov't needs to be more transparent on 1MDB, says Nazir

The government must be more transparent with regard to the 1MBD 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".

Nazir, who is Prime Minister Najib Abdul Razak's brother, is currently attending the WEF Asean conference in Cambodia.

The CIMB chairperson was himself thrust into the spotlight last year when it was revealed that he had transferred US$7 million received from his brother to various politicians.

Nazir said he believed the sum was from donations he helped raise from Malaysian corporations and individuals for the 2013 general election.

“I understand the furore, and with hindsight, I wish I didn't.

"I assumed and believed, in good faith, that the funds came from legitimate political fund-raising," he had said on his Instagram.

Nazir went on leave to facilitate an internal probe into the matter. The investigation found that he had not misused his position.

Sharing his thoughts on the next general election, Nazir told CNBC that he expects the polls to be called late this year, or early next year.

"Generally, ahead of the GE there can be a little bit of caution with investors, and consumers as well and I think that's related to expectations of the results and at the moment, the picture's not so clear,"

"But I think it will evolve that the government most likely will get back in. So as that settles down, then I think sentiment will improve and things will pick up," he added.

At present, pundits are predicting that Najib would be able to retain power in the next general election despite the numerous scandals plaguing his administration.

With the opposition divided, the odds are stacked against them with regard to seizing federal power.

Najib has denied the allegations against him, claiming that it is the work of those conspiring to topple him from power.

Attorney-general Mohamed Apandi Ali has also cleared the prime minister of any wrongdoing.- Mkini