SCwatch


MALAYSIA’S SC IS BEING PORTRAYED AS A ‘STERILE CUCKOO’ : SHOULD THIS BE ALLOWED TO CONTINUE?

 

Malaysia’s Securities Commission has, over the past year or so, been under ruthless attack from various social and corporate bloggers ….. triggered by (surprise, surprise) main-stream media reports, especially The Star newspaper.

Whilst the attacks had initially been rather personal i.e. against the chairman, Zarinah Anwar …… lately, the credibility of the organisation itself, the Securities Commission of Malaysia is being put into question.

Malaysia’s SC is one of the key institutions in Malaysia …… similar to that of Bank Negara Malaysia and the judiciary ……. and any apparent short-coming will never be tolerated …. be it from the locals or the foreigners, especially when it is prevalent.

The circumstances of the latest corporate transaction that caused the latest furore (Sime Darby’s acquisition of 30% of E&O) …… to the point of the SC being likened to ‘Solitude Commission’ and ‘Securities Comedy’ ….. has been unnecessarily damaging to the regulatory organisation.

Why unnecessary?

Because the circumstances could have been easily avoided.

How?

By not trading in the shares of those companies that one is a director of ……. especially if one was appointed as an independent director.

Especially so …… when one is married to a very senior official from a corporate regulatory organisation!

That way, even if one had been an independent director for the past 8 to 9 years, no issue can be raised against that director.

An added issue that has further damaged the regulatory organisation is the accumulation of negative perception arising from his other ‘transactions’ over the last few years.

This has enabled critics to put them together to unleash the latest lethal barrage against the SC and its chairman.

It is timely for an appropriate and professional response from the Commission,  something that the likes of the late Tun Ismail Ali or the late Choi Siew Hong ……. would have insisted on!

Nothing less!

Click HERE and HERE for the attacks against the SC.

UPDATE (13 Sept 2011) : And it get murkier HERE


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