Sunday, August 12, 2012

SC's new chief to come down hard on news portal

Updates:
1. The outing of the Insider's Auta by SatD
2. Below, an exchange resulting from the posting SC should throw the book at TMI  
Anonymous said...
Is TMI a listed company on the Bursa? What's your beef? 2:50 PM
A Voice said... 
No beef sir, just the law.
To advise in selling and buying of shares, one have to be licensed.
To benefit from market sensitive information like insider trading, it is an offense.
To leak market sensitive information with giving sources, it comes under unethical journalism for practising journalist of MI.
Market manipulation is an offense under securities law ounishable by imprisonment.
So does insider trading.
It is basic. 3:02 PM


Original Article:
According to sources (not mine), reclusive SC Chairman Ranjit Ajit is considering coming out in the big open like Batman did in The Dark Knight Rises to lynch the bad guys - in this case the people behind The Malaysian Insider. But you know-lah, some sources (especially if they are not your own) can't be trusted. I think that's what blogger Big Cat is trying to tell her friend Mr Jahabar Saddiq in Malaysian Insider's Monkey Sources. 

Another source (again, not mine) said perhaps it wasn't a "source" after all, but someone the MI boys can't defy and someone who has a lot to lose if the E & O - Sime Darby matter did not go his way. Go figure!

Ranjit is known to be a no-nonsence guy and is not likely to let the Malaysian Insider off lightly. But whatever he does, don't bully journalists lah, ok? Join the dots. Find out who's behind the unscrupulous article (promptly denied in the Star, SC: Sime doesn't need to make MGO).

6 comments:

Anonymous said...

Wish he will do the same with Talam. Now that will give meaning to...er..."no-nonsense".

But have very huge doubts as to whether he is ever capable of that?

As for jahabar (small 'j' on purpose). the less said of inconsequential idiots the better.

Warrior 231

Anonymous said...

Never mind lah. the tenet is: Publish....oops salah, apologise. Sorry is not the hardest word, kan, kan, kan? Eh bunyi elton john terbalik lak.

tebing tinggi said...

News that "SC' new chief is "no -nonsense" is not a good news yet unless action is taken and what is the result of the action.

I think result of the action taken is important.

A Voice said...

Sori typo error for:

To leak market sensitive information with giving sources, it comes under unethical journalism for practising journalist of MI.

Should read as:

To leak market sensitive information without giving sources, it comes under unethical journalism for practising journalist of MI.

Anonymous said...

I was just wondering if there is sufficient evidence under the SCA (1993) (looks like there is) to charge jahabar and his paper for complicity or at least conspiracy in insider trading.

Observe how E&O shares ran up on the false news:

http://www.thesundaily.my/news/461444

and fell like a brick shortly after:

http://biz.thestar.com.my/news/story.asp?file=/2012/8/13/business/20120813091639&sec=business

Under the securities Commission Act 1993 (amended 2011)
Section 128(6) provides for seizure of articles, books,.......

Section 134 provides for the mandatory appereance before an investigation officer of anyone suspected of harbouring information ......

Like the BAFIA scandal, the government need to act lest criminals view any dereliction of duty as a sign of weakness amenable for exploitation

Warrior231

Anonymous said...

I think there are sufficient grounds to indict MI and by default, its editor for accessory to the fact.

If " no-nonsense" has got the balls, he will do the necessary in a pretty open and shut case.

Trouble is I doubt he got the balls to throw the book. After all, the proverb "TALAM dua muka" was coined for a reason.....get my drift.

here is another one about shaming oneself:

1. Tepuk TALAM terpercik air ke muka sendiri

or about the recalcitrant but devious type:

Bagaikan saga diatas TALAM


Warrior 231

p/s: why dont we initiate a signature campaign to drag MI to court?