THE Securities Commission Malaysia (SC) has acknowledged that there were discrepancies in the academic qualifications and work experience of former Permodalan Nasional Bhd (PNB) CEO Jalil Rasheed.
The SC, in a statement, noted that it was notified of discrepancies in the company’s submission of Jalil’s academic qualifications and work experience, and had sought clarification, which is still pending at the time of writing.
This has led to the SC clarifying that a Capital Market Services Licence (CMSL) holder should seek the SC’s approval for the appointment of its CEO, as stated in the Licensing Handbook.
“In doing so, a CMSL holder and its board of directors are required to 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,” said the SC.
The regulatory body will also conduct regulatory assessments on the background of any individual appointed to such a post with the relevant law enforcement agencies.
The SC also noted that PNB is responsible for ensuring that its submission to the regulatory body is true and correct, after conducting due diligence.
“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 president and group chief executive are true and correct,” said the regulatory body.
This follows the resignation of Jalil as PNB CEO, which was effective June 15. He shared that the reason for the resignation was the barrage of harassment he had faced during his tenure, to the point he had started worrying for the wellbeing of his family.
A Khazanah Nasional executive director, Ahmad Zulqarnain Onn, is a frontrunner to replace Jalil as PNB CEO, sources told FocusM on June 17. – June 18, 2020
