MoF confirms Syed Zaid resigning as SC executive chairman, successor is Awang Adek

·2-min read
A view of the Securities Commission Malaysia building in Kuala Lumpur. — Picture via Twitter/Bernama
A view of the Securities Commission Malaysia building in Kuala Lumpur. — Picture via Twitter/Bernama

KUALA LUMPUR, April 28 — The Finance Ministry today announced that it has accepted Datuk Syed Zaid Syed Jaffar Albar’s resignation as the executive chairman of the Securities Commission (SC).

The ministry said Syed Zaid’s resignation would take effect on May 31.

“In relation to this, the Finance Ministry gives its highest appreciation and thanks for his contribution and service as SC executive chairman since November 1, 2018 until May 30, 2022,” the ministry said in a statement.

Syed Zaid was first appointed on November 1, 2018 as the SC executive chairman and had served for three years, when his tenure was extended by another three years from November 1, 2021.

His resignation by May 31 would mean that he would have only served seven months of his second three-year term.

The ministry also announced that its minister Datuk Seri Tengku Zafrul Abdul Aziz had appointed former deputy finance minister Datuk Awang Adek Hussin as the new SC executive chairman for a three-year term from June 1 this year to May 31, 2025, to ensure a smooth and orderly transition and to ensure continuity in SC’s governance.

The ministry said this new appointment is in line with the Securities Commission Malaysia Act 1993’s Section 4(2), which provides for SC’s board members to be appointed by the finance minister including its chairman, deputy chief executive and seven other members.

According to the ministry, Awang Adek has expertise and wide experience in capital markets and Islamic finance, and has a PhD in economics from the University of Pennsylvania in the US.

The ministry said Awang Adek had also in the past been an assistant governor at Bank Negara Malaysia, a former SC board member, former chairman of Tenaga Nasional Berhad, the first director of the Labuan Offshore Financial Services Authority (Lofsa) now known as the Labuan Financial Services Authority, a former ambassador to the US and was deputy finance minister from 2006 to 2013.

The ministry said it is confident that Awang Adek will be able to give a stellar contribution to ensure the SC achieves its goal of becoming a high-performing organisation.

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