This article first appeared in The Edge Financial Daily on October 3, 2019
KUALA LUMPUR: The Securities Commission Malaysia (SC) has dismissed an appeal brought by VCB Capital Sdn Bhd after its fund management licence was revoked by the regulator on June 19.
VCB’s licence was revoked after the SC found that the manner in which VCB conducted its business had cast a doubt on its competence and soundness of judgement as a fund manager.
In a statement yesterday, the SC said VCB was found to have breached the Guidelines on Compliance Function for Fund Management Companies and Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries.