Thursday, July 01, 2010

SC's antic, Zarinah's conflict of interest may go to Dewan Rakyat

MP lashes out at Securities Commission. Konsensus Bebas Member of Parliament (Wangsa Maju) Wee Chooo Keong describes the SC's action as "trampling on principles of universal human rights". Read his SC out of control, out of order. I know YB Wee well enough to feel assured that this issue - especially the excessive powers of Section 134 of the Securities Commission Act 1993 - will make it all the way to the Dewan Rakyat for debate.

He did his blog entry before A Voice's explosive posting.

Recommended reading to understand some people at the Securities Commission -- Dinosaurs in the SC by Syed Akbar Ali.

22 comments:

Anonymous said...

The SC lady has put herself so strongly that she is judge, jury and executioner and now reports directly to the PM/Finance Minister. Apparently, she asked and was approved not to report to the FM2 or to the Deputy Finance Minister. Both are deemed beneath her.

She has a direct line to the PM because she works closely with the brother at CIMB. CIMB make so much money from their treasury operations as reported. If EPF accounts for 50% of the market volume, Khazanah and CIMB probably accounts for 35-40%. All clean ok? They trade big, they have a solid firewall, no insider information. Ask Goldman Sachs.

Nazir just has to make a phone call and all the plumb jobs will be given to him. Not enough money, call Khazanah then call Zarinah, everything boleh! It must be so easy to run CIMB and what Perkasa has said about Nazir also being part of the NEP is being exploited fully by Nazir who then puts down the policy....No lah, Nazir is the best person for the job. Seriously, it has got nothing to do with his brother being the PM.

Zarinah's husband's involvement in the corporate world is well documented. But it is all hush-hush if it involves him either personally or as a member (Chairman?) of the Investment Committee of Tabung Haji. Look at Ramunia. Lityan. Gosh, even the CIO of Tabung Haji had to resign!

Interrogation? No problem. Interview you for 8 hours, print out a statement for you to read and sign in 10 minutes what you said in 8 hours. Dont like it? No need to sign. But okay, come back again tomorrow.

Expand 200 sections in the Securities Industrial Act to 400+ sections in the Capital Markets Act. Now which politician try to be funny, the SC can designate any person persona non grata!

SC not only want to control journalists. They put the auditors under them as well. Audit Oversight Board? The SC also has the power to direct accounts to be amended. Now they are better than the audit firms! Nowhere in the world has an SC got such powers. Only in Malaysia..

Anonymous said...

i wonder if all the recent attacks on SC is REALLY on SC or on Zarinah given that she was put up there by ol' sleepyhead

Anonymous said...

anon 11.57 hit bull's eye with his comments and may I add WCK probably got it wrong regarding them body searches as Section 128 of the Act (unless amended since)provides for it with the caveat that female bodies be searched by dames.

http://www.agc.gov.my/agc/Akta/Vol.%2010/Act%20498.pdf

The whole Act needs to be either repealed or amended extensively if it is to jive with human rights. But many people, beginning with Anwar Ibrahim, will not take kindly to that.


Warrior 231

Anonymous said...

Could somebody in the SC be trying to cover up for Ishak, by destroying the journalists credibility?
Who could it be, I wonder? and who would have the clout to make HER, see the light?
Where is Nor Mohd Yaccob, the guy from Mun Loong and Abrar? Arent both these companies at one time linked to Anwar Ibrahim?
Isnt Ishak, the original 20 per cent Bumiputra stakeholder of Kenmark when it went for listing also a close friend and cash cow of Anwar Ibrahim?

B. K . Singh

Anonymous said...

Zarinah Anwar is Kerismuddin's cousin.. All in de family

Anonymous said...

and her niece is wife to mukhriz

asyMok_Aambo said...

terjah sampai LUNAS!

Anonymous said...

...whatever the issues or debacles the country may be facing where usually millions (as in the case of Tabung Haji) and sometimes billions of Ringgit (as in the case of Sime Darby) are lost and where more often than not the rakyat suffer and public fund are affected, the common cause that i can single out is "immortality". When people get to stay in position or post more than necessary, be they politicians, Cabinet Ministers and even the Prime Minister, Corporate heads referred to as Presidents, Exec Chairman, Group Managing Director or CEOs bla bla bla, and even the Chairman of Securities Commission as in the case in point, things may be taken for granted. There is tendency these people get conceited with power! Simply put, when these people have been far too long in a power seat, power may have sipped into their heads ! As we are all aware, all power tend to corrupt but absolute power corrupts absolutely !! Look at the case of Tabung Haji, where a General Manager who has had his contract, that come with a package and salary far above those in higher positions, but who are permanent officers, extended over and over again and it has been more than ten years now !!! Is he not supposed to groom and train second liners to take over from him when his contract comes to end, in usually not more than 5 years !!!

Anonymous said...

tak dapat di elakan, this scenario will drag the big boss along unfortunately.

should have nipped it in the bud.

all korek korek likely tempias & terkena jugak.

i didnt expect boss to be this incompetent? again?

OMG! are we being revisited by the old and almost forgotten winds that the eggs are being held by others?

-adoh sakit! jangan! tolong!-

PANJI HITAM 61 said...

YESSS, AXE THESE MALAY LIBERALS.
WELL DONE, BRU... KASI KOREK SAMA DIA SAMPAI LUBANG CACING.

WELL DONE, BRO. WEE.
IT WAS A PLEASURE WORKING WITH YOU ON AIR ASIA SCAMS (still on going tho')

PANJI PANJI will strike deeper and harder.

nstman said...

Wee, cut out your sanctimonious stuff. Dont be a hypocrite. The people have had enough of you. And pse stop pontificating and preaching. You talk as if you are the only clean politician around. Only the Pope has the licence to pontificate.

Anonymous said...

Did you know that Tenco Bhd, now known as Nagamas International Bhd, was a PN17 company up until September 2007?

Did you know that that as at July 2007, Azizan was not a registered shareholder in Tenco?

Did you know, that as at July 2008, Azizan Abd Rahman, the husband of the SC chairman appeared as a shareholder of Tenco @Nagamas via NOMINEES.

He was also made a director of the company on OCTOBER 2007, ONE month after the SC ok-ed for TENCO to be taken out of PN 17 . How NICE.

Azizan bought 1.9 million Tenco shares on March 2007 on the cheap, just five months before TENCO's practise note 17 share was taken away by the SC. How NICE.

And when he wants to take ISYODA private, the stock fell from 94 sen to 50 something sen in four days, and two months latter, he announces plan to take Isyoda private at 73 sen.

How NICE.

Is this the reason, why people call him Mr Fix It? Zarinah, you are a politicial LIABILITY to the Prime Minister.

Singh is King.

Anonymous said...

Azizan pernah diliwat oleh Dato Anwar Ibrahim. X caya pi tanya Makamah.


B. K. Singh

Meek mouse said...

Zarinah has shown what women power is like.
Most lady bosses growl and pounce like a tiger.And they are also unforgiving.
Give me boss men anytime.

Anonymous said...

it's very sad to see all these uncalled for nasty attacks on prominent personalities like tan sri zarinah. she is doing her job and obviously SC knows best as to what they have to do and not anyone else who is taking a free ride in ridiculing her. why attack the husband if I may ask? half baked twisted facts that are clearly defamatory in nature is very much in bad taste and such insinuations reflect a very childish society. what is the real issue here? is it SC, Zarinah or husband? or is it Ishak Ismail? it looks like The real culprit has cleverly managed to turn the attention away from him and it's sad to see bloggers fall for it. responsible and honest reporting should be the pillar of Internet free media since it's not regulated! not defamations and crude accusations. such articles only invites ruthless comments that further destroys the credibility of such reporting. it's very sad indeed to see this circus and charade totally blinded by the real issue. it's things like this that will give blogs and bloggers a bad name. who is really abusing the power here?? I think the real abuse here is the blogger who knows his blog can make or break people. it's very disappointing. rockybru has now gone on character assassination for irrelevant reasons and if I were the wounded party I could clearly take all responsible to court!

Cmon let's focus on real issues and not put sand in people's rice bowl or throw shit at credible reputations. stop it please.

R

Anonymous said...

Rocky ,

Do u know that ur new web layout unreadable on blackberry ?

Anonymous said...

Rocky,

While all attacks are pointing to SC, I have been wonder why Bursa Malaysia as front regulator did not investigate the situation. Bursa has its power as well under its Listing Requirements.... or the Head, Investigation of Bursa Malaysia is asked to shut his mouth closely.

Something wrong with Bursa malaysia lately under the Lady CRO who is also ex-Legal Head of Bursa Malaysia. what happen also to its CEO, Dato' Yusli....one of Malay liberal as well in Bursa.....

Pls do something to reorganise Bursa Malaysia to be seen as real and brave front regulator otherwise its also could be merged with SC and become the Securities & Exchange Board of Malaysia.

PRO-INTEGRITY

Anonymous said...

Anon 1.40am

The regulator here is the SC. Not Bursa. Bursa is the regulatee. Please get your facts right before commenting. Pandai...

Anonymous said...

I thought Zarinah was one of the good professional. I am so wrong. She has so much skeletons. She is just another worm in the pile.

Now, I can see why Malaysia cannot progress.

Anonymous said...

Dear Anon 11:04am,

For listed company, Bursa Malaysia has its power under Listing Requirements to investigate the issue of non-compliance. In other word, Bursa regulate the listed companies. Pandai benar ko nih....

However, Bursa Malaysia also as stock exchange being regulated by SC.

In the Kenmark case, both of them have the investigation power under their respective Act for SC and Listing Requirements for Bursa Malaysia. Each listed company shall comply all provisions under Listing Requirements as conditions to be remained listed under the stock exchange.

ok pandai....chow dulu...muahahaha

PRO-INTEGRITY

Anonymous said...

Azzizan has overstayed his welcome at Investment Panel of Tabung Haji. Infact the 'golfing ustaz' ..I mean minister in-charge of Tabung Haji should revisit the entire appoinment of Board of Directors and Investment Panel of Tabung Haji. Majority of them have been there for almost a decade, Azizan in particular. Tabung Haji losses in Ramunia shares is no joke! It is a staggering some-two hundred millions !! It incurred so much too to salvage Lityan. I hope Azizan and the 'high' flying CEO of Tabung Haji have not teamed up and pocketed money out of these losses suffered by the Muslim Institution. Perhaps it is timely that MACC pay a visit to Tabung Haji !

Anonymous said...

I strongly agree that MACC should start looking at Tabung Haji. There's so much complaint and talks about too much nonsenses happening there. I'm not sure why Rocky Bru has yet to start coming out with an article on Tabung Haji. Not only the investment's performance are questionable, their operating costs, esp of the CEO (Ismee hp 012 3339011) and his no 1 crony (adi hp 012 3077210) are too much to bear by the depositors. So please, Najib or Tun Mahathir, if u are reading this, please do something to those fuckers in Tabung Haji.