News: Bank Rakyat Chairman sacked for 'altering' the audit reports


Bank Rakyat Chairman sacked for 'altering' the audit reports

Chairman of Bank Rakyat has been ousted for his involvement in 'altering' the original audit reports of the 1MDB scandal in Malaysia.
Bank Rakyat Chairman sacked for 'altering' the audit reports

The Entrepreneur Development Ministry has reportedly sacked Tan Sri Shukry Mohd Salleh as the Chairman of Bank Rakyat's Board of Directors with immediate effect.

According to reports, Shukry is removed from his position of the bank’s Chairman due to his involvement in altering the original audit report of the 1Malaysia Development Bhd (1MDB). The statement released by the ministry asserted that the decision was made per Section 5, subparagraph 2(2) of the First Schedule of the Bank Kerjasama Rakyat (M) Bhd Act 1978 (Special Provision 202) following Shukry’s involvement in the 1MDB’s original audit report.

The statement released by ministry also stated that all the decisions made by Shukry made during his tenure as the Bank Rakyat Board Chairman, and which could have implications on the bank, would be reviewed and cancelled if it affects the interest of the bank.

The former prime minister ordered the deletion of the paragraph containing two versions of the 1MDB financial statement for the year ended 2014 and directed an investigation to be carried out by the enforcement authorities.

The 1Malaysia Development Berhad scandal is an ongoing political scandal occurring in Malaysia. In 2015, Malaysia's former Prime Minister Najib Razak was accused of channelling over RM 2.67 billion (nearly USD 700 million) from 1Malaysia Development Berhad (1MDB), a government-run strategic development company, to his bank accounts. Additionally, he ordered changes to a 2016 audit report of scandal-plagued state fund 1MDB. Shukry has been found guilty of being a part of the audit and making alteration the original audit reports.

The Entrepreneur Development Ministry will announce Bank Rakyat board's new chairman appointment upon finalization of the appointment process.

Shukry was the principal private secretary to the former prime minister Datuk Seri Najib Tun Razak before the appointment to Bank Rakyat on Jan 3, 2017.

Image Credits: The Sun Daily

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