Kadir: 'Hornets' claimed ex-PNB CEO but successor shouldn't hide them
Bersatu supreme council member A Kadir Jasin said the early departure of Abdul Jalil Rasheed (above) as the Permodalan Nasional Berhad CEO was likely due to him disturbing hornet nests but said his successor Ahmad Zulqarnain Onn should not sweep them under the carpet.
"Abdul Jalil's tenure as president and CEO was very short because he disturbed a number of hornet nests in his effort to correct the situation.
Bersatu supreme council member A Kadir Jasin said the early departure of Abdul Jalil Rasheed (above) as the Permodalan Nasional Berhad CEO was likely due to him disturbing hornet nests but said his successor Ahmad Zulqarnain Onn should not sweep them under the carpet.
"Abdul Jalil's tenure as president and CEO was very short because he disturbed a number of hornet nests in his effort to correct the situation.
"It would be a major mistake if Zulqarnain tries to hide the hornet nests because many, particularly the financial market, already know about them," he said.
He said PNB is facing major challenges, which he listed, among others, a controversial land deal and also its involvement with Sapura Energy which share price has plummeted.
"Much more debate is needed about PNB to improve its transparency and accountability.
"I am confident that Zulqarnain won't try and sweep them under the dirty carpet which could endanger PNB and its 14 million investors," he said.
Yesterday, PNB announced Zulqarnain (photo) will be its new CEO effective tomorrow.
Zulqarnain was previously the deputy managing director of Khazanah Nasional Bhd and has over 23 years of experience in financial services and the corporate sector, PNB said in a statement.
Abdul Jalil resigned as CEO on June 15. In his farewell speech, Abdul Jalil said he was choosing the difficult path but did not disclose details.
"Oftentimes, making the right decisions is riddled with difficulties and some will be unpopular. The easy route would be to continue enjoying the perks of the office whilst battling with your own good conscience.
"I have always believed that no individual is larger than an institution. I have no intention to drag PNB into this. PNB must be safeguarded at all costs. Hence I have chosen the difficult path, one that is lonely and devastating for my family and me," he had said.
Stephen Hagger, the Malaysian head of investment firm Credit Suisse Securities, sent a note to investors about Abdul Jalil's departure with the title "Politics: Eaten by the sharks".
Hagger said Abdul Jalil "knows right from wrong, is not afraid and understands markets" but is "swimming with the sharks".
FocusMalaysia, quoting from Hagger's notes to investors, said Abdul Jalil had "done that very rare thing in Malaysia and that is to resign in order to protect his own principles and maintain his integrity".
"Before he started, he made it very clear that he would resign rather than cross a red line," Hagger added.
Hagger said it was not clear what the red line was, but it was likely related to his refusal to give "side income jobs" to politicians and turn a blind eye to malfeasance.
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