Bursa's New Chairman Was On The Investment Panel That Approved RM2 Billion To SRC
Bursa Malaysia Berhad has a new chairman following the removal of its non-executive chairperson Shireen Ann Zaharah Muhiudeen due to "governance issues"
Shireen Ann was appointed to her current post in the stock exchange on 1 March 2019.
According to the Securities Commission Malaysia (SC), the decision to remove Shireen Ann was taken by Finance Minister Zafrul Tengku Abdul Aziz after consultation with the commission, reported The Edge.
"As provided for in the Capital Markets and Services Act 2007 (CMSA), the power to appoint and remove a public interest director and chairman of Bursa Malaysia rests with the Minister of Finance. In exercising this power, the minister consults with the SC before arriving at his decision," the SC was quoted as saying.
"The consultation in this instance revolved around governance issues and the current Bursa chairman's fit and properness to continue holding the position," the statutory body told the business daily.
Abdul Wahid Omar is Bursa's new chairman
He has been appointed as the non-executive chairman effective from 1 May.
He is the former Permodalan Nasional Berhad (PNB) chairperson and was a former minister in the Prime Minister's Department in charge of Economic Planning under Najib Razak's Barisan Nasional (BN) administration.
He resigned from his post in PNB in June 2018, a month after the 14th General Election.
Abdul Wahid's name as a front runner had been reported by multiple outlets including The Star Online.
Abdul's appointment raises questions, as he was on the Retirement Fund Incorporated (KWAP) investment panel that approved the RM2 billion loan to SRC International in 2011
Members of the KWAP investment panel were appointed by the Ministry of Finance.
Former prime minister Najib held the portfolio from 2008 to 2018.
According to KWAP investment panel chairman Wan Abdul Aziz Wan Abdullah, who was also the secretary-general to the Finance Minister, it was Najib who asked him to approve the RM2 billion loan.
Back in 2011, SRC International was an RM2 company with no track record.
Meanwhile, the US Justice Department announced it had sent back RM1.29 billion in funds stolen in the 1MDB corruption scandal: