"Naturally, (my husband) had no knowledge of the Sime Darby purchase at the time as this is a sale by the major shareholders and the Board was not told of the negotiations until later". - Zarinah Anwar, Securities Commission chairman
So Clever. Naturally, of course, she had to drop the PM's name. Najib now has to explain what is really meant by "expressing his understanding". And naturally, too, she had to preempt the "review" of the case by underscoring the statement above just before recusing herself. Basically, the above means that "naturally, my husband is innocent".
The Internal Memo to SC Staff:
"You would have read in the papers and the blogs the criticism and allegations in respect of the purchase of E&O shares by Sime Darby. While this is a commercial decision made by Sime Darby, it does raise the issue of whether the transaction has Takeover Code implications and an MGO should be carried out.
The second issue of course relates to my husband's purchase of shares in E&O. He has been the chairman and shareholder of E&O since 2002 and has purchased shares in the company since then. The latest acquisition is just part of his normal acquisition, with all purchases made in the open and duly reported to Bursa. Naturally he had no knowledge of the Sime Darby purchase at the time as this is a sale by the major shareholders and the Board was not told of the negotiations until later.
In any case, I have instructed that both the issue of the MGO and the acquisition of shares be thoroughly looked into. Given that I am conflicted, in accordance with our governance procedures, I have recused myself and have asked our two most senior commissioners Datuk Francis and Datuk Gumuri to lead the review of this case working together with Dr Nik and Dtk Ranjit.
I have also briefed YAB the Prime Minister who expressed his understanding."
8 Sept, 2011 9am
Dato Dr Nik Ramlah Mahmood - SC Managing Director & Executive Director Enforcement Division
Datuk Francis Tan Leh Kiah - Managing Director of Azman, Davidson & Co., Advocates & Solicitors
Dato' Gumuri Hussain - Chairman, SME Bank (Bank Perusahaan Kecil & Sederhana Malaysia Bhd)
Datuk Ranjit Ajit Singh - SC Managing director & Executive Director, Market Supervision