KUALA LUMPUR (June 18): The Securities Commission (SC) said today it is awaiting the response of Permodalan Nasional Bhd after seeking clarification upon being notified of discrepancies relating to former PNB president and chief executive officer Abdul Jalil Rasheed’s academic qualification.

The regulator said this in reference to media articles on Jalil that alluded to the SC's approval process for for the appointment of chief executives of licensed entities.

In a statement, the SC said it was only recently notified of discrepancies in PNB's submission to the commission on Jalil's academic qualifications and work experience.

"Recently, the SC was notified of discrepancies in the company’s submission to the SC in relation to its former president and chief executive’s academic qualifications and work experience, and has since received confirmation of the discrepancies in the submission.

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

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.

"In doing so, a CMSL holder and its board of directors are required to conduct due diligence on the individual’s capability and competence to lead the licensed entity.

"In addition, the SC will also conduct regulatory assessments on the background of the individual with relevant law enforcement agencies," the SC said.

The regulator said that as a CMSL holder, PNB is required to ensure that all information submitted to the SC for Jalil's appointment are "true and correct after it has conducted due diligence enquiries".

"This requirement is clearly stated in the relevant application form," the SC said.

"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 PGCE are true and correct," it added.

Jalil, who resigned on Monday, 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 to decide to leave the RM300 billion investment fund just a little over eight months on the job.

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