CORPORATE Malaysia needs a major revamp, including removing any form of political intervention, said former Permodalan Nasional Bhd (PNB) president and group chief executive officer Jalil Rasheed.

Under the new six-month-old Perikatan Nasional government, there were instances of massive politicking messing up corporate governance, he said.

Jalil used his own resignation as an example where he was hounded by threats and lies.

“The pressure came from all angles. I wrote letters to reject politicians from boards but it bounced back. Essentially saying ‘up yours’.

“The rumour was leaked to the media so it comes back to pressure me. I even had calls threatening me but it stopped when I resigned,” he told the Malaysian Insight.

Contracts and contractors that he recommended to be terminated were kept on because of instructions of the government of the day, he said.

“The easier option would have been to turn a blind eye, sign off and collect my salary. When my contract ends in three years, they probably would renew it.

“But I was worried about the impact I was making. In my very selfish point of view, I wanted to leave behind a better corporate Malaysia. I want to be responsible for it,” Jalil said.

The former investment firm head said PN and Finance Minister Tengku Zafrul Tengku Abdul Aziz should have been forthright about wanting his resignation.

Jalil was also hit by a controversy online questioning his qualifications.

“So why go through this? I am a professional. I have built a career for 17 years outside the country. I have earned far more money than this. Why would I be clinging on to this?

“The nine months in PNB I enjoyed every single day of it. In hindsight, do I regret coming back? No. Would I do it again? No. I have no regret, the only regret I have is it ending the way it did,” Jalil said.

His qualifications came up in Parliament in response to an MP’s query. A written reply from the prime minister said Jail was not a London School of Economics graduate, citing confirmation from the LSE.

Jalil, however, said this was a well-known fact and all his previous employers were in the know as they did background checks prior to hiring him.

He said things were different during Pakatan Harapan’s tenure where he was given autonomy to chart PNB’s course.

“It was good for the first six months during PH. To be fair to them, they were really committed to the reform agenda.

“There were things I wanted to do, I told the Prime Minister’s Office and Dr Mahathir was agreeable to it. He was okay with me making the tough decisions,” he said, referring to Dr Mahathir Mohamad.

Jalil, who previously served as CEO of Southeast Asia for Invesco Ltd, resigned on June 15 stating he and his family were being harassed.

He was the youngest chief of PNB and was appointed in October, replacing Abdul Rahman Ahmad. His tenure was the shortest in the sovereign unit trust fund’s history.

PNB manages the savings of more than 14 million Malaysians and is a major shareholder in Sime Darby, MayBank, SP Setia, UMW, Malaysian Reinsurance and Malaysian Industrial Development Finance Bhd (MIDF).

Former Bank Negara chairman Zeti Akhtar Aziz is currently PNB chairman. She was one of the key people responsible for hiring Jalil.

Jalil is now mulling a new avenue to contribute to bettering corporate Malaysia, including by possibly linking with Syed Saddiq Abdul Rahman’s youth party. – August 31, 2020.