SCwatch


THE ‘STAR CHALLENGES’ : IS SC’S DAMAGE CONTROL ADEQUATE?

Well, what was originally a tabloid issue has now spread to the mainstream newspapers. click HERE

What may be of concern is that the mainstream papers are picking up on an issue which, if not properly managed, may do irreparable damage to the relationship an organisation seeks to have with the media at large.

It is natural for regulators to think that they cannot appear to have inadvertently done something wrong (like the police and MACC) …. although I don’t personally agree with such thinking. If you’re wrong, you’re wrong. If you need to save some face, do it but close the chapter quickly and move on.

By allowing matters to fester and be dragged to court under a judicial review application may, at the end of the day, work in favor of the SC due to its pedantic argument and rights set out in the much mentioned S134 of the Securities Act or something.

But the damage, anger, prejudice, back-stabbing etc increases correspondingly against that organisation.

Just as the Chairman of the SC has acknowledged that there are ‘shenanigan companies amongst the thousands of companies listed on the stock exchange’, it only follows that there are a few shenanigans in the SC investigating arm that require reining in ….. similar to that of the police or MACC!!

Of course, the expected response from organizations like the SC is that the reputation of the organisation needs to be protected and that these ‘small incidents’ should not be allowed to be amplified to the point of affecting that reputation. click HERE

It is equally important though, that any organization, whilst taking the ‘BIG PICTURE’ view of things, does not get lost and blinded by the criticisms leveled at it …. after all, it is perception that matters most of the time ….. that is why a professional media friendly relationship is preferred!

Media focus on the Malaysian Securities Commission in recent weeks has not only been confined to the alleged harassment of journalists by the SC but also on its (in)ability to successfully obtain convictions against parties that have breached the law ….. even with air-tight cases.

The excuse that it is the judiciary that decides on the cases is wearing thin.

The judiciary has now consistently responded that their decisions are on the cases presented to them.

Judges are throwing out cases that are lacking in prima facie evidence …. in some cases they downright exclaim that they don’t believe the witnesses brought forth by the prosecution!

This only points to the fact that, like in the United States’ SEC, the Malaysian SC has not got its act together when it comes to investigating and prosecuting the alleged wrong-doers.

Maybe this is part of the evolution that the Malaysian Securities Commission is undergoing ….. nothing happens overnight!

In any case, the personal attacks against its chairman, Zarinah Anwar, are way below the belt and we should substantially discount what is being portrayed by those mercenary gutter blogs like Rocky’sBru and Wee Choo Keong who have lost so much credibility in their own personal sphere!

Get back to the middle path and add some objectivity to the debate!

UPDATE: And the lawyers now join in the fray! click HERE and HERE. Battle stations now?

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