SECURITIES Commission (SC) executive chairman Datuk Syed Zaid Albar has tendered his resignation as the head honcho of the market regulator just six months after his term was extended for a three-year period.
The Finance Ministry confirmed Syed Zaid’s resignation with his last day on the job fixed on May 31. A corporate lawyer, Syed Zaid was first appointed to the post on Nov 1, 2018.
In a statement, the Finance Ministry said Syed Zaid will be succeeded by former Deputy Finance Minister Datuk Dr Awang Adek Hussin (2006-2013) whose tenure as SC executive chairman will be from June 1, 2022 to May 31, 2025.
It said Awang Adek who holds a doctorate in economics from the University of Pennsylvania in the US has vast experience in the capital market and Islamic finance.
Aside from having served as Deputy Finance Minister, Awang Adek had also previously served as an assistant governor at Bank Negara Malaysia and the chairman of Tenaga Nasional Bhd. He is also a former ambassador to the US.
According to theedgemarkets.com, Syed Zaid’s decision to step down is not surprising given what has transpired in the past month.
His exit is said to have come on the heels of a controversial decision by the Attorney-General’s Chambers (AGC) to withdraw criminal charges against integrated global oil & gas (O&G) outfit Serba Dinamik Holdings Bhd and its four senior executives but instead to compound them with a sum totalling RM16 mil.
The top brass of Serba Dinamik comprising its CEO/and group managing director Datuk Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president of accounts and finance Muhammad Hafiz Othman were alleged to have filed false financial statements with the stock exchange.
Following investigations by the SC, the four individuals were charged on Dec 28, 2021, accused of submitting a false statement in relation to Serba Dinamik’s record high revenue of RM6.01 bil for the 12-month period ended Dec 31, 2020.
But in a surprise turn of event early this month, the AGC decided to withdraw the charges following a letter of representation by the accused. The AGC has not publicly explained its decision.
This left the SC with only the option of issuing maximum compound fines of RM3 mil each against the company and the four individuals with an additional RM1 mil against Muhammad Hafiz.
On Saturday (April 23), the SC lodged a police report against Serba Dinamik after having strongly refuted all allegations made by the company in a 26-page statement which accused the market regulator of acting in bad faith and not following procedures in discharging its duties. – April 28, 2022
