Thursday, December 22, 2011

When SC means SCandals!

I think it's high time that the government, especially PM and Finance Minister himself looks into series of complaints made against the Securities Commission (SC), about how scandalous it has been and the games being played by some of its senior personnel and clients.

I am not sure what is the level of immunity 'accorded' to Zarinah Anwar and team. Also, one of SC largest clients PriceWaterhoouseCoopers (PWC) which is said to be undermining the Malaysian law and toying around with the High Court.

I have written about it a few times in the past, taking cues from this almost-unknown blog. I hope more people will read it not because it is (I personally believe) written by people from the inside but for tangible proofs given to support the claims.

It's also not linked to the Opposition as what written is based purely on what is taking place in the SC itself.

Among its latest postings, the blog questions the irregularities pertaining to a decision by the SC's Audit Oversight Board (AOB) members - appointed on April 1st 2101 - to register PwC and one Cho Choo Meng of the same firm under the AOB on the sama date. This, according to the blog, is against Section 31s (1) SC.

Seven members of the board are Nik Mohd Hasyudeen Yusoff, Executive Chairman of the Audit Oversight Board, who prior to joining the AOB was also vice-president of the Asean Federation of Accountants and member of CPA Australia’s Public Practice Advisory Committee, former president of the Malaysian Institute of Accountants (MIA) and had served on the Malaysian Accounting Standards Board.

Others are Datuk Ali Abdul Kadir, Chairman of the Financial Reporting Foundation; Dato' Azmi Ariffin, Chief Executive Officer of the Companies Commission Malaysia; Goh Ching Yin, Executive Director of the Securities Commission Malaysia; Nor Shamsiah Mohd Yunus, Deputy Governor of the Central Bank of Malaysia; Cheong Kee Fong, Advocate and Solicitor of Cheong Kee Fong & Co; and Chok Kwee Bee, Managing Director of Teak Capital Sdn Bhd.

"Who signed the Letter of Registration for the firm of PwC and Mr Cho Choo Meng on the 1st of April? Was it the newly appointed board members... or was it Tan Sri Zarinah Anwar, Chairman of the SC,... or Manohar Benjamin Johnson, Director of the AOB?

"Who received the fees necessary for the registration of PwC and Mr Cho Choo Meng... and how did this staff member receive the monies on the 1st of April when the legislation to collect the fees was not in place until much later on the 15th of April 2010?"

It also questions the mechanism used to receive and process such applications when the SC chairman herself only signed the amendment on the 8th of April, and the 2nd Minister of Finance on the 13th of April 2010.

"I put it to you that there is no noble lie in this case, that there are questions you must answer as guardians of corporate governance in this country, that you must feel in you the same distaste for abuse of power and conflict of interest, that you will do what is right, that you will be true to your calling as one of the guardians for the institutions of this great country," it says.

continue reading...

11 comments:

align said...

bro,

i remember reading a few blogs about SC and zarinah. rockybru also wrote about it.

but what happens to all the complaints and accusation?

did the govt response?

tien, kuantan said...

it's good to be impartial here, jai. things like this should be exposed more often as it involves taxpayers money.

if the govt fails to take note, then something is obviously wrong with our administration!

penangan said...

salam,

saya ada kawan kerja di SC dan dia sendiri baca blog tersebut, dan dia rasa dia mungkin kenal orang yang tulis, bukan seorang tapi satu grup yang tak puas hati dengan cara SC ditadbir dan diselenggara.

memang kerajaan kita perlu beri perhatian serious terhadap perkara ini kerana lambat laun ia akan merosakkan nama baik kerajaan sendiri.

harap2 datuk najib sendiri akan arah siasatan bagi memastikan sama ada segala dakwaan ini benar atau sebaliknya.

Anonymous said...

kudos bro,

go on with it.

SC is being scandalized and demonized!

someone has to put a stop to all this nonsense!

taukeh lim said...

nobody can or dares to touch the sc chairman..

that is why no investigation.

that also u dont know aaar!

Anonymous said...

jai,

there are many untouchable people in the country, so it will be a bit difficult for an investigation to commence.

the sc is one of them...

Anonymous said...

bro,

I guess this is 1M, Rakyat DiLupakan Penipuan DiUtamakan. I wonder why PM do not act against Zarinah nor Amok for MAS AirAsia lopsided share swap and NFC scandals. Is there something the Rakyat should know about or is it classified information? This is BolehLand after all. Only cronies lives and survives!

Anonymous said...

Ada sesiapa tahu apa jadi dengan penyiasatan SC ke atas suami zarinah, azizan mengenai isu saham E&O/Sime Darby deal pada bulan September 2011?

Anonymous said...

Bro Jai,

JMB has written extensively about Khazanah, and at end of which he has strongly viewed that Azman Mokhtar 'must go' for the series of blunders he has committed.

And now you are writing about SC and Zarinah Anwar alluding to the mismanagement in the organisation. This posting is not the first of its kind.

What baffles me is the 'elegant silence' of DSNTR. He seems to have lost control over everything. If he continues to do so, he is taking a great risk in the next general election.

ZMS

tyre said...

what can najib do to 'correct' the wrongs at the SC? almost nothing, except to talk to the people in charge to be more careful...

alarm said...

the blog is well written bro. the person/s running it are pro and are aware of the games being played at the sc.

i believe they must be the people close to the board but never given the opportunity to point out what is right and wrong.

good blog and with good intention.