Avoid fraudulent practices in PNB, warns PM

Prime Minister Dr Mahathir Mohamad says a tarnished image is not easy to repair and the confidence of the people, especially investors, is not easy to restore.

SUNGAI PETANI: Dr Mahathir Mohamad has reminded the leadership and management of Permodalan Nasional Bhd (PNB) not to be complacent in fulfilling its responsibility and obligation in pursuing the hopes and aspirations of its investors.

The prime minister said the responsibility shouldered by PNB is very heavy as investors are always after good returns on investment to improve their quality of life.

He said the abuse of power in governance, deterioration of integrity, fraudulent practices and corruption as well as leakages that have been occurring in other investment institutions, should be avoided in PNB.

“(If they were to happen), eventually, the government will have to intervene.

“This is not the solution as a tarnished image is not easy to repair and the confidence of the people, especially investors, is not easy to restore,” he said in a special video recording aired at the launch of the Minggu Saham Amanah Malaysia (MSAM) 2019 here today.

He said if irregularities were to occur in PNB, the dignity of Bumiputeras will also be marred forever because the role of PNB is not just confined to economic interests but also social interests.

The prime minister said PNB managed to accumulate and expand its assets to reach RM298.5 billion, with a total of 13.8 million account holders and total assets under management worth RM236.6 billion.