Guan Eng: PM, AG must explain Umno man Awang Adek’s appointment as SC executive chair

·2-min read
Lim Guan Eng said he was shocked that outgoing chairman Datuk Syed Zaid Syed Jaafar has resigned merely six months after his reappointment in November 2021, alluding to collisions with the AG on issues surrounding troubled energy service provider Serba Dinamik Holdings Bhd. ― Picture by Ahmad Zamzahuri
Lim Guan Eng said he was shocked that outgoing chairman Datuk Syed Zaid Syed Jaafar has resigned merely six months after his reappointment in November 2021, alluding to collisions with the AG on issues surrounding troubled energy service provider Serba Dinamik Holdings Bhd. ― Picture by Ahmad Zamzahuri

KUALA LUMPUR, April 28 — DAPs Lim Guan Eng has called on the prime minister and attorney-general (AG) to explain the appointment of Umno politician Datuk Awang Adek Hussin as the new Securities Commission (SC) executive chairman today.

Lim said he was shocked that outgoing chairman Datuk Syed Zaid Syed Jaafar has resigned merely six months after his reappointment in November 2021, alluding to collisions with the AG on issues surrounding troubled energy service provider Serba Dinamik Holdings Bhd.

“Syed Zaid’s resignation is reported to be linked to clashes with the AG’s controversial decision 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 Bursa Malaysia,” he said in a statement.

“The government must act swiftly to reassure investor confidence that Malaysia’s capital market is run not for the benefit of vested interests but professionally, independently, competently with full adherence to transparency and respect for rule of law free from any political interference,” added the Bagan MP.

Last year, Serba Dinamik and three of its executives were charged at the Sessions Court with allegedly furnishing false financial statements to Bursa Malaysia Securities Bhd.

Those charged were executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and vice-president of accounts and finance Muhammad Hafiz Othman.

All three were charged under Section 369(a)(B) of the Capital Markets and Services Act 200, which covers the offence of intentionally providing false information to a stock exchange, among others, regarding a security or derivative.

They were compounded by the SC on April 13 for submitting a false statement about its RM6.01 billion revenue for its financial period ended December 31, 2020.

A police report was then made on April 23 by the SC against Serba Dinamik.

Following that, on April 27 the SC granted CEO Datuk Mohd Abdul Karim Abdullah and three other top executives an extension of two weeks to compound their offences.

Earlier today, the Finance Ministry announced that it has accepted Syed Zaid resignation as the executive chairman adding that his resignation would take effect on May 31.

His replacement Awang Adek, who will assume the position on June 1, was formerly Umno’s Bachok MP and had served as deputy finance minister under Tun Abdullah Ahmad Badawi and an ambassador to the United States under Datuk Seri Najib Razak.

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