KUALA LUMPUR, June 18 ― The Securities Commission Malaysia (SC) today clarified that it was recently notified of some discrepancies in former Permodalan Nasional Berhad (PNB) president and group chief executive Abdul Jalil Rasheed’s academic qualifications and work experience.
In the statement, the SC also stated that it is currently waiting for a response from PNB on their inquiry into the discrepancies.
“As a CMSL holder, PNB is required to ensure that all information submitted to the SC for the appointment of its former PGCE, including his work experience and academic qualifications provided in the application forms and supporting documents, are true and correct after it has conducted due diligence enquiries.
“This requirement is clearly stated in the relevant application form. In this regard, the company had declared to the SC that all information provided in its submission to the SC for the appointment of its former PGCE are true and correct.
“Recently, the SC was notified of discrepancies in the company’s submission to the SC in relation to its former PGCE’s academic qualifications and work experience, and has since received confirmation of the discrepancies in the submission. The SC had sought clarification from relevant parties regarding these discrepancies. PNB’s response to the SC’s enquiries is still pending,” said the statement.
In the last few days, there was scrutiny by detractors over Jalil’s education and working credentials.
In a media statement today, the SC stated that PNB, which is a Capital Market Services Licence (CMSL) holder should seek its prior approval for the appointment of its chief executive as a means to ensure that firm and its board of directors conduct due diligence on the individual’s capability and competence to lead the licensed entity.
“This includes assessing, amongst others, the individual’s ability to exercise due skill and diligence in assuming the position. In addition, the SC will also conduct regulatory assessments on the background of the individual with relevant law enforcement agencies,” said the statement.
In a previous report by The Edge Markets, PNB Chairman Tan Sri Zeti Aziz had denied that Jalil’s appointment was made without any consultation and affirmed that PNB is regulated by the SC and adopts a strict, rigorous and robust governance process.
In a brief statement on June 15, PNB’s board of directors confirmed that it has accepted Jalil’s resignation and subsequently approved an appointment for a successor.
The 38-year-old Jalil became the youngest CEO at PNB following his appointment by the Pakatan Harapan government seven months ago.
