KUALA LUMPUR (April 28): The Securities Commission Malaysia's (SC) outgoing executive chairman Datuk Syed Zaid Albar said the regulator’s integrity and professionalism were put to test during his tenure.
“I would like to thank the SC’s board, leadership team and the officers and staff of the SC.
“Their integrity, professionalism, and dedication were tested and proven many times as they ceaselessly worked to ensure the stability and continuity of the capital market,” said Syed Zaid in a statement.
In the statement, the capital market regulator said Syed Zaid will be succeeded by Datuk Dr Awang Adek Hussin, who will assume the position on June 1, 2022.
The regulator did not reveal the reason for the early exit of Syed Zaid, who helmed the SC for nearly four years. His term was extended for a three-year period in October last year.
Nonetheless, Syed Zaid’s resignation coincided with a controversial decision by the Attorney-General’s Chambers (AGC) to withdraw criminal charges against troubled oil and gas services company Serba Dinamik Holdings Bhd and four senior executives who were alleged to have filed false financial statements with the stock exchange.
In the statement, Syed Zaid, a corporate lawyer, said the SC’s integrity, professionalism, and dedication were tested during his tenure.
“Their (SC’s officers) integrity, professionalism, and dedication were tested and proven many times as they ceaselessly worked to ensure the stability and continuity of the capital market,” he said.
Following investigations by the SC and with the initial consent of the AGC, Serba Dinamik’s senior executives were charged on Dec 28, 2021, accused of submitting a false statement in relation to Serba Dinamik’s record high revenue of RM6.01 billion for the 12-month period ended Dec 31, 2020.
The senior executives who were charged are chief executive officer and group managing director Datuk Mohd Abdul Karim Abdullah, who is also the company’s controlling shareholder; executive director Datuk Syed Nazim Syed Faisal; group chief financial officer Azhan Azmi; and vice president of accounts and finance Muhammad Hafiz Othman.
Syed Zaid was instrumental in leading the institution and the capital market through a challenging period dominated by the effects of the Covid-19 pandemic on businesses and investors, said the regulator in the statement.
“During his leadership, the SC recalibrated its priorities to enable the regulator and capital market participants to address and respond to the impact of the pandemic while ensuring market stability and continuity.
“Syed Zaid also focused on advancing the SC’s development initiatives, particularly in promoting the sustainability agenda, growing the Islamic capital market and harnessing innovation.
“Key to this is the release in September last year of the Capital Market Masterplan 3 (CMP3), which will set the tone and direction for the SC’s development and regulatory initiatives for the next five years,” the SC said.
Meanwhile, Syed Zaid said he welcomes the appointment of Datuk Dr Awang Adek and expressed his gratitude to lead “an institution that stands resolutely strong like the SC”.