KUALA LUMPUR (April 29): The Securities Commission Malaysia (SC) has confirmed that managing director Foo Lee Mei, general counsel Chee Fei Meng and executive director of digital strategy and innovation Chin Wei Min are leaving the regulatory body.
In a statement Friday, the SC said Foo had opted on April 6 to terminate her contract earlier. She will serve her notice until May 20.
Chee, the SC said, had opted not to renew her contract when it ended on April 15 but will serve the SC until June 30 to facilitate a smooth transition, while Chin tendered his resignation on April 28 and will serve his two months' notice.
The SC's announcements confirmed a report by theedgemarkets.com earlier on Friday that the trio are quitting the commission. Just a day before that, the SC announced that its chairman Datuk Syed Zaid Albar, who was just six months into his new three-year term that started from October last year, had resigned. He will be replaced by former Finance Minister Datuk Dr Awang Adek Hussin, who will assume the post on June 1.
Meanwhile, the SC named Yew Yee Tee as its new general counsel and Shamsul Bahriah Shamsudin as its new director. The appointments were made on April 19, it said, and will take effect on July 1.
Yew is the current executive director of intermediary and fund supervision. Prior to joining the SC in 2020, Yew was the chief regulatory officer of Bursa Malaysia Bhd.
Shamsul Bahriah, meanwhile, is the current head of institution supervision and has served the SC for 19 years. She will succeed Yew as director of intermediary and fund supervision.
The SC has also identified an internal candidate to replace Chin, who is now subject to endorsement and formalisation, and said that an announcement will be made in due course.
“The SC would also like to stress that contrary to recent media speculation, the resignation of its MD and general counsel are not linked to, and were made prior to, the announced resignation of its executive chairman yesterday (Thursday, April 28),” the regulator added.
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