Showing posts with label fra. Show all posts
Showing posts with label fra. Show all posts

Thursday 8 July 2010

CIMB monitoring SJAM

Thursday July 8, 2010

CIMB monitoring SJAM



KUALA LUMPUR: CIMB Group Holdings Bhd is monitoring the situation at SJ Asset Management Sdn Bhd (SJAM), which is currently being examined by the Securities Commision (SC) due to irregularities in its accounts.
Chief executive officer Datuk Seri Nazir Razak said: “We are concerned about this.
CIMB Bank Group Chief Executive Datuk Seri Nazir Razak delivering his keynote address at the CIMB Private Banking Conference 2010 on Wednesday.
SJAM was one of two fund managers our private bankers had recommended to clients and by extension, some of them had invested in the asset management company.”
Asked if the investment by CIMB clients placed in SJAM was high, Nazir said high was a relative number. “The key thing is that even if it was one sen placed in SJAM, it’s our clients’ money.”
Beyond these facts, Nazir said he did not know more, except that the SC was examining SJAM’s records and that independent auditors had been called in to look closer at its accounts