Bank Negara exited HRD Corp’s investment panel on own insistence

Free Malaysia Today

The withdrawal was to enable the central bank to carry out its mandate and responsibilities effectively and to avoid conflicts of interest, 2010 letter says.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/12/bank-negara-exited-hrd-corps-investment-panel-on-own-insistence/    Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/12/bnm-yang-berundur-dari-panel-pelaburan-hrd-corp/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #BankNegara #Exit #HRDCorp #InvestmentPanel

Transcript

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.

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