00:00Bank Negara Malaysia withdrew its representative from the investment panel of the Human Resource
00:07Development Corporation which has recently come under scrutiny on its own accord 14 years ago.
00:14It is understood that BNM had not been represented on the panel since 2010
00:18despite section 26 sub 2e of the HRD Act 2001 requiring the central bank's participation.
00:25Last week the Public Accounts Committee highlighted the absence of a BNM representative
00:30on HRD Corp's investment panel since 2017 which it said had violated the law.
00:36However a letter dated July 12, 2010 and cited by FMT revealed that BNM had to review the
00:42participation of its officers on boards and committees of all external corporations
00:48following the enactment of the Central Bank of Malaysia Act 2009.
00:53In the letter which supports HRD Corp's testimony to PAC, BNM said the withdrawal of its representative
00:59from the panel was to ensure the bank's mandate and responsibilities could be carried out
01:04effectively. PAC had recommended that the HRD Act be amended to remove the requirement for
01:10BNM to be represented on the panel. Natasha Bewst, FMT News.
Comments