Putrajaya considering replacing stock market chief, Petronas chairman and director expected to resign, PM confirms resignation of BNM governor.
Bursa Malaysia CEO
According to its sources, Reuters reported that the government is mulling replacing the chief executive officer of Bursa Malaysia, the latest in a series of top management changes initiated by the new government.
Reportedly, an advisor to the government who is aware of the private discussions and requested anonymity told Reuters that Datuk Seri Tajuddin Atan’s term ends in March 2019, but his position could be discussed at a cabinet meeting headed by Prime Minister Dr Mahathir Mohamad today.
The sources gave no reason why the government was considering replacing Tajuddin.
However, they said internal candidates were being considered as potential replacements for Tajuddin, but no decision has been reached yet.
Apparently, the decision had come down to a choice between two candidates, both “from within” Bursa Malaysia.
It was also reported that according to another financial industry source, an external candidate from Hong Kong was also being considered.
Before his appointment to head Bursa Malaysia in 2011, Tajuddin was the group managing director of RHB Capital Berhad.
Petronas Chairman and Director
The Edge Markets reported that Tan Sri Mohd Sidek Hassan and Datuk Mohd Omar Mustapha, are both expected to resign from Petroliam Nasional Bhd (Petronas).
According to the report, the possible departures of Sidek and Omar raise the question of whether this will pave the way for the return of former president and CEO Mohd Hassan Marican to Petronas.
Hassan is a member of Prime Minister Dr Mahathir Council of Eminent Persons. He is also chairman of Sembcorp Marine Ltd and senior international adviser at Temasek International Advisors.
The report said Sidek and Omar came aboard around the time when Hassan left Petronas in February 2010.
Sidek, 67, a former chief secretary of the government, has been chairman of Petronas since July 1, 2012.
Omar, 47, chairman of Petronas remuneration committee since 2015, is also an independent non-executive director at the oil company. He was appointed to the board on Sept 15, 2009.
Sidek also chaired the previous government’s Royal Commission of Inquiry (RCI) into Bank Negara Malaysia’s foreign exchange losses in the 1990s.
Critics had said the haste and manner in which the RCI was conducted appeared to show that it was set up to pin the losses on Dr Mahathir, who was prime minister at the time.
Bank Negara Governor
Bank Negara governor Tan Sri Muhammad Ibrahim has tendered his resignation, said Dr Mahathir at a press conference in Putrajaya after the cabinet meeting today.
He said that it had not been decided who would replace Muhammad, whom many view as “Najib’s man”.
“We have not decided on his successor because we need the consent of the Yang di-Pertuan Agong before we can announce a name,” Mahathir said.
Reuters, however, reported that Datuk Nor Shamsiah Mohd Yunus, the former Bank Negara Malaysia deputy governor, is tipped to succeed Muhammad.
The resignation follows recent revelations that the central bank had overpaid the government, then led by prime minister Najib, for a piece of land in Kuala Lumpur.
Recently, Muhammad has been the target of scrutiny of the Council of Eminent Persons chairman Daim Zainuddin, over the bank’s RM2 billion land purchase from the previous government.
The Pakatan government has claimed that Najib used the money from the sale to bail out 1Malaysia Development Bhd.
Muhammad has insisted that the deal was above board.
Muhammad assumed the office of governor on May 1, 2016, succeeding Tan Sri Dr Zeti Akhtar Aziz. He is the eighth governor.