The SC saga – try not to be so blind
Kuala Lumpur: While most Malaysian bloggers have been criticising Securities Commission chairman Tan Sri Zarinah Anwar, BigCat however chose to differ and urged his counterparts to review their assessment of her and the situation shrouding the controversy over the commission.
BigCat pointed out that there seems to be a concerted effort between Singapore Straits Times correspondent Leslie Lopez and Malaysian Insider’s Jahabar Sadiq to undermine Zarinah.
The blogger further questioned the capability of journalists serving Singapore publications whom he said were only “brave” to criticise Malaysian agencies and authorities.
“To those who thinks that Singaporean journalists are better than their Malaysian counterparts, well, think again. Will Leslie be so brave as to thrash talk the republic’s regulatory bodies or claimed that he knows Hsien Loong is planning to do this and that?
“Will the ST editors let him do that? I do not think so.
“Unfortunately, some of my senior pro-BN bloggers were so adamant in wanting Zarinah out that they seems to be blinded to the maneuvering of these pro-Pakatan gang.
“A few even claimed credit to the yet confirmed departure of Zarinah from SC.
“The pro-BN bloggers seems to also fail to see the whole thing as an attack against the country’s capital market with the general election just around the corner.
“They know that Zarinah and SC are easy targets for those who want to undermine the BN government as these anti-BN elements know that no one from the other side will defend her and the organization she led.”
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KUALA LUMPUR: The Securites Commission (SC) is reviewing all the trading data on the swap deal between state investment arm Khazanah Nasional Berhad and Tune Air Sdn. Bhd. of shares in Malaysia Airlines and Air Asia.
“We are reviewing all the trading data and we will make a decision upon our review and determination of our findings,” SC chairman Tan Sri Zarinah Anwar told reporters after speaking at the fifth International Islamic Capital Market Forum here Thursday.
She, however, said there was no time frame for the investigation.
Last week Deputy Finance Minister Datuk Dr Awang Adek Hussin told the Dewan Rakyat that the SC and Bursa Malaysia had launched an investigation into the deal.
He said the probe would also look into the possibility of insider trading and will take time because it involved many accounts and a huge value.
He also said that if the probe by the SC and Bursa Malaysia found evidence of insider trading, the Malaysian Anti-Corruption Commission could also be invited to investigate.
On a separate issue, Zarinah said SC and Bursa Malaysia have surveillance systems in place to monitor price movements of all counters listed on the stock exchange.
“Necessary action will be taken depending on the outcome of our surveillance activities,” she said when asked on the speculation in penny stocks recently, including Harvest Court Industries.
Zarinah also called on investors to exercise caution and make informed investment decisions.
KUALA LUMPUR: Blogger The Benchmark highlighted a speech Wednesday by Bayan Baru MP Dato Seri Zahrain Hashim and wondered whether the prime minister was aware of the “mysteries in our GLCs” that Zahrain had touched upon.
“It is rather brave for MP Zahrain to dabble into these serious issues plaguing GLCs and the Government,” he said.
The Blogger wrote that recent deals, particularly those between Sime Darby and EO and also Malaysia Airlines and AirAsia, give a bad image to government-linked companies (GLCs) “and by extension the Government led by PM Najib Razak.”
“The Securities Commission too has been under the spotlight for quite sometime,” he said, “but maybe that would be settled with latest unconfirmed news that Tan Sri Zarinah Anwar may resign soon, voluntarily, to enable her husband to remain active in the corporate world.”
The blogger also mentioned the ECM Libra – Avenue Capital merger, and asked, ”Has the PAC (Public Accounts Committee) under the current leadership mustered sufficient guts to go after the BIG FISH?”
Read more HERE.
Blogger Big Dog wonders when Securities Commission chairman Tan Sri Zarinah Anwar will “answer to the Malaysian public” over the ECM Libra-Avenue Capital takeover.
The blogger wrote in his blog today that despite the controversy surrounding the deal, with police reports made on the matter and complaints lodged with the Securities Commission, there was no real investigation or action.
”Suddenly,” he said, “in the wake of the recent 30% acquisition of EO by PNB controlled Sime Darby Bhd. at 60% premium (which was dubbed ‘ECM Libra-Avenue Capital II’), MPs (are) beginning to talk about this merger which was mooted late 2005.”
“When talking about Zarinah Anwar, this highly scandalous ‘merger’ of ECM Libra and Avenue Capital could never be conveniently omitted,” he said.
“Complaints were lodged by so many parties, especially minority shareholders to SC for the ‘irregular’ processes, EGM and eventually announcements made through media, which some considered misleading. However, SC played deaf and dumb about it, so much so that the best that anyone got as a response was just a mere acknowledgment of complaint filed. Even Police reports were made to the Commercial Crime Division,which referred the matter back to SC as the ‘subject matter expert’ and never got a response.
“This is where Zarinah is accountable and should answer to the Malaysian public,” he said. “She and SC have the legal, moral and ethical obligation to explain with full disclosure on the merger and all the queries and complaints filed.”
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Controversial EO Chairman, Datuk Azizan Abdul Rahman has been reappointed on the board of the company along with three others during its annual general meeting held last Friday.
Blogger AnotherBrick In The Wall writes about how it seems like it is ‘business as usual’ at EO when no question on insider trading was asked. Neither were there questions on the mandatory general offer.
The blogger also brought up a few names again when this issue have somewhat died down over the past few weeks.
The name of minister in the Prime Minister’s department, Tan Sri Nor Mohamed Yakcop and Securities Commission chairman, Tan Sri Zarinah Anwar has again become a topic of discussion.
Read here for full report