Financial Times

Muhsin resigns as JKH director


M.V. Muhsin, a former World Bank Vice President, this week announced that he was quitting the board of John Keells Holdings (JKH) with effect from March 1 as an independent director since November 2005, due to personal commitments.

In a statement, JKH said the Board accepted his resignation, adding that Muhsin had made a valuble contribution during his tenure. Mr Muhsin, a Sri Lankan based in Washington, separately told The Sunday Times FT that he has recently taken on the responsibilities of Director and Chief Operating Officer of the Africa & Middle East practice of the Centennial Group, the Strategic Management consulting outfit headquartered in Washington. He is also an advisor to the President of the Jeddah-based Islamic Development Bank.

Asked about the controversy over recent reports on his shareholdings in Indian software companies like Satyam, Mr Muhsin, who retired from the World Bank in 2005, noted that he had acquired and paid for small amounts of shares, some 10 years ago, in publicly-listed Indian companies in the US, and had disposed of these shares a year later.

“There was full disclosure in my annual financial disclosure statements,” he said, adding that at the World Bank there were rigorous procurement procedures and independent oversight and that “it was established that it was not I who determined which companies were awarded contracts and that there was no interference of any kind.”

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