KUALA LUMPUR: CIMB Group Holdings Bhd's group chief executive said the group has a 15% stake in TRICUBES BHD [] but this investment was made on behalf of a client and the group neither has board representation nor management control.
Datuk Seri Nazir Razak said on Friday, April 22 that he was made aware of some reports on the internet about CIMB's investment in Tricubes.
'I subsequently checked and found that the investment does exits, which was in 2001 and at 15%,' he told reporters after the banking group's annual general meeting. 'But we are not involved in the management nor do we have board representation.
'This investment was done in 2001 by the CIMB private equity manager on behalf of a client,' he said.
'Any suggestion that we are somewhat involved in the business is totally malicious,' he said, adding that CIMB's investment in Tricubes was by virtue of investing in the client's money and it is a private equity business.
Nazir added that CIMB had invested over the years in 100 over companies via the private equity business and 'this investment was made on behalf of a client'.
Tricubes was appointed to spearhead the to implement the 1Malaysia Email project'' which would involve RM50 million in investment. It is one of seven new projects under the Economic Transformation Programme (ETP).
The investment also includes the development of a web portal as a one-stop centre for government services, providing value-added services such as social networking, checking bills online and payments.
Prime Minister Datuk Seri Najib Tun Razak had on Wednesday, April 20 clarified that the 1Malaysia E-mail project is a voluntary private initiative and does not involve public money.
Under the scheme, Malaysians aged 18 and above will each be assigned a unique e-mail account to receive statements, bills and notices. This would allow direct and secure communication between Malaysians and the government, and enhance the delivery of government services to consumers and businesses alike.
Datuk Seri Nazir Razak said on Friday, April 22 that he was made aware of some reports on the internet about CIMB's investment in Tricubes.
'I subsequently checked and found that the investment does exits, which was in 2001 and at 15%,' he told reporters after the banking group's annual general meeting. 'But we are not involved in the management nor do we have board representation.
'This investment was done in 2001 by the CIMB private equity manager on behalf of a client,' he said.
'Any suggestion that we are somewhat involved in the business is totally malicious,' he said, adding that CIMB's investment in Tricubes was by virtue of investing in the client's money and it is a private equity business.
Nazir added that CIMB had invested over the years in 100 over companies via the private equity business and 'this investment was made on behalf of a client'.
Tricubes was appointed to spearhead the to implement the 1Malaysia Email project'' which would involve RM50 million in investment. It is one of seven new projects under the Economic Transformation Programme (ETP).
The investment also includes the development of a web portal as a one-stop centre for government services, providing value-added services such as social networking, checking bills online and payments.
Prime Minister Datuk Seri Najib Tun Razak had on Wednesday, April 20 clarified that the 1Malaysia E-mail project is a voluntary private initiative and does not involve public money.
Under the scheme, Malaysians aged 18 and above will each be assigned a unique e-mail account to receive statements, bills and notices. This would allow direct and secure communication between Malaysians and the government, and enhance the delivery of government services to consumers and businesses alike.
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