SC waiting for PNB’s response to discrepancies in ex-chief executive’s qualification

(FMT) – The Securities Commission Malaysia (SC) said it has received confirmation of discrepancies with regards to former Permodalan Nasional Berhad (PNB) chief executive Abdul Jalil Rasheed’s academic qualifications and work experience.

In a statement, the SC said it was recently notified of discrepancies in PNB’s submission regarding Jalil’s qualifications and experience.

The SC said it had sought clarification from relevant parties regarding these discrepancies. “PNB’s response to the SC’s enquiries is still pending.”

The SC was responding to news reports regarding Jalil, who resigned from the post on June 15, after nine months on the job.

PPBM Supreme Council member Abdul Kadir Jasin had said that Jalil was forced out because of alleged discrepancies in his academic qualifications.

The SC said under the SC Licensing Handbook, a Capital Market Services Licence (CMSL) holder, such as PNB, should seek the SC’s prior approval for the appointment of its chief executive. The company and its board of directors are required to conduct due diligence on the individual’s capability and competence to lead the licenced entity.

This, the SC explained, included assessing, among others things, the individual’s ability to exercise due skill and diligence in assuming the position.

It also said for its part, it would conduct “regulatory assessments” on the background of the individual with relevant law enforcement agencies before such appointments were made.

It said: “As a CMSL holder, PNB is required to ensure that all information submitted to the SC for the appointment of its former president and group chief executive, 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.”

Such a requirement, it said, was 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 is true and correct.”