MOF must explain the resignation SC chairman, top officials – MUDA

29 April 2022

By Farah Salim

KUALA LUMPUR: Malaysian United Democratic Alliance (MUDA), questioned the resignation of Securities Commission’s chairman Datuk Syed Zaid Albar and its three top officials recently.

Yesterday, Securities Commission (SC) Chairman Datuk Syed Zaid Albar tendered his resignation just 6 months after his term was renewed for another three years.

Today (29th April), The Edge reported that 3 other top SC officials will also be leaving the regulatory agency: Managing Director Foo Lee Mei, General Counsel Chee Fei Meng & Executive Director of Digital Strategy And Innovation Chin Wei Min.

These exits come a few days after the Attorney General's Chamber's decision to withdraw criminal charges against the 4 Serba Dinamik executives for filing false financial statements to the SC, in exchange for a mere compound of RM3million each. The maximum penalty for such charges is 10 years in jail and a fine of up to RM3 million.

MUDA Central Executive Committee member Lim Wei Jiet said one cannot fault members of the public for drawing a correlation between these high-profile exits and the withdrawal of charges against Serba Dinamik executives.

“The Government, specifically the Minister of Finance, must explain in detail why these officials have chosen to resign at the same time, and whether it has any correlation with the Serba Dinamik saga.

“To cut to the chase: did these officials resign because they were dissatisfied with how the authorities have dealt with the Serba Dinamik executives?” he said in a statement today.

He explained that transparency and accountability regarding the issue are crucial because the SC is one of the only few reputably independent government institutions left in the country.

“SC play a vital role in ensuring confidence towards Malaysia's capital markets.

“If there is an inadequate explanation and the SC's integrity is brought to question as a result, it would be economically disastrous for the nation in the long run,” he added.