PNB launches probe into alleged discrepancies in Jalil’s credentials

KUALA LUMPUR (June 19): Permodalan Nasional Bhd (PNB) said today it has established an inquiry team to investigate the alleged discrepancies relating to the group’s former president and chief executive officer Abdul Jalil Rasheed’s academic qualification.

This follows yesterday’s statement by the Securities Commission (SC) that it was notified of the matter recently and had sought clarification from the relevant parties, including PNB, regarding the discrepancies.

The exchange regulator went on say in the statement that PNB’s response to its enquiries was still pending.

In its response today, PNB said it views the public statement with “great seriousness” and that a probe is underway to get to the bottom of the issue.

“An initial response to the SC has been made today, and a more detailed reply will be forwarded to the SC following the completion of the inquiry in the very near term.

“PNB will continue to extend its full co-operation to the SC and any other relevant authorities in relation to this matter, as has been done in all our previous dealings with the regulatory authorities,” it said.

The SC’s scrutiny came on the heels of media articles on Jalil that alluded to the regulator’s approval process for the appointment of chief executives of licensed entities.

Under the regulator's licensing handbook, Capital Market Services License (CMSL) holders such as PNB would require SC's approval for the appointment of chief executives.

Jalil, who resigned on Monday after barely a year on the job, was reportedly called in by the SC a few days before his resignation.

The 38-year-old, in his farewell letter to PNB staff, cited threats and harassment as the last straw for him to leave the RM300 billion investment fund just a little over eight months in the job.

Speculation was rife on the reasons for Jalil's exit, including the authenticity of his work experience and academic qualifications.

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