Amanah central committee member Faiz Fadzil has called on the government to clarify the crisis faced by the Securities Commission (SC) following the sudden resignation of executive chairperson Syed Zaid Syed Jaffar Albar.
Faiz (above) said the developments that ensued from the resignation had led the country to become a laughing stock, affecting the credibility of the SC.
However, he added, Prime Minister Ismail Sabri Yaakob and Finance Minister Tengku Zafrul Tengku Aziz remained silent and did not provide an explanation.
“There are allegations that the crisis in the SC occurred due to the existence of “high level” political interference in the Serba Dinamik Holdings Bhd controversy.
“Unfortunately, Syed Zaid, who is a technocrat was replaced by Umno member, Awang Adek Hussin. Awang Adek was once linked to a money scandal, admitting to having received political contributions into his personal account in 2011.
"Therefore, the government should immediately provide an explanation to the public regarding the management crisis that has occurred in the SC so that the image and integrity of the commission are preserved,” Faiz said in a statement last week.
A report by The Edge linked Syed Zaid’s resignation to the Attorney-General’s Chamber’s decision to withdraw charges against Serba Dinamik, which was accused of filing false financial statements to the stock exchange in what is described as the largest corporate fraud by a Bursa-listed company.
The resignation came just six months after Syed Zaid was reappointed as SC executive chairperson for a second three-year term.
Awang Adek was appointed as SC chief for a term from June 1, 2022, to May 31, 2025, replacing Syed Zaid whose resignation begins on May 31, 2022.
Probe the leadership crisis
Meanwhile, Faiz called for a bipartisan parliamentary committee to be formed to investigate the leadership crisis in the SC.
"There are various questions among the public that need to be resolved at this time, namely, whether this crisis is due to political interference and whether Serba Dinamik is trying to be protected by certain parties.
“What's more, the SC was previously linked to the controversy over the issue of MACC chief Azam Baki, who was investigated in connection with the proxy trading scandal,” he said.
Faiz added that the government should consider other candidates to replace Syed Zaid, as Awang Adek, who is a former member of the Umno supreme council, would only tarnish the SC’s credibility.
He maintained that the SC needed politically independent leadership with a good understanding of the capital market.
Awang Adek was previously the Umno MP for Bachok after winning the 2004 general election, and also served as senator from 2011 to 2013. He was the deputy finance minister from 2006 to 2013.
He was also an assistant governor of Bank Negara Malaysia and a former board member of the SC.
The SC is responsible for the oversight and regulation of the Malaysian financial services industry, including the supervision of Bursa Malaysia. - Mkini
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