YOURSAY | The rot has spread to Securities Commission

YOURSAY | ‘This is a replay of the 1MDB debacle when a few men of integrity resigned.’

Guan Eng demands explanation for SC chair’s ‘shock resignation’

Vijay47: Ironically, if indeed the executive chairperson of the Securities Commission (SC) Syed Zaid Syed Jaffar has resigned for the reasons suggested by DAP chairperson Lim Guan Eng, it would mean that we still have men of honour among us heading national institutions of importance.

But regrettably, such men seem heading towards that league which includes the dinosaur and dodo.

As a recap, we cannot forget that the SC was recently involved in investigating the infamous share activity indulged by MACC chief commissioner Azam Baki. The SC’s verdict was that there was “no conclusive evidence” of any misdeed by Azam. This is debatable.

I believe SC rules demand that an account holder cannot make transactions on behalf of others. Yet Azam’s open, blatant defence was that he was doing it for his brother. Still no conclusive evidence?

Of course, the other elephant in the room was that Azam had, in any case, already conflicted with the General Orders restricting the value of shares that a government servant could own.

Amazingly, Minister in the Prime Minister’s Department (Parliament and Law) Wan Junaidi Tuanku Jaafar then joined the party with his irrelevant explanation that Azam had the means to do so.

Prime Minister Ismail Sabri Yaakob then came out with another of his usual confused pronouncements asking the public to give peace a chance.

The alleged Serba Dinamik shenanigans and benevolent gaze of the attorney-general must have been the last straw that broke Syed Zaid’s back. Not surprisingly, the SC post is being filled by an Umno man.

BlueMountains: I had expected the resignation of not just the chairperson but also other board members in connection with the recent handling of an alleged fraud by a listed company.

As a person with a high level of integrity, honour and dignity, Syed Zaid's resignation is a sign of disgust and indignation.

Are we telling the world that an alleged fraudster in this country need not go to jail if he has the money to pay?

Sun: But why did they just quit without openly declaring what is wrong in the system that forced them to quit?

This is a replay of the 1MDB debacle when a few men of integrity resigned but did or said nothing to open the entire affair to public scrutiny.

Are these leaders afraid to tread on the toes of those in power or are they scared of losing the little perks they can still walk away with?

I respect them for their integrity, but should it also not be coupled with courage?

Anonymous_47029368: Indeed, I think Malaysia is now sliding back towards the dark ages of 1MDB.

Constitutional Supremacy: The Serba Dinamik Holdings Bhd fraud is alleged to be the biggest corporate fraud by a Bursa-listed company.

Three more top officials of SC have resigned. They are the managing director, the general counsel and the executive director of digital strategy.

Within hours of the first resignation, a staunch Umno man has been appointed as SC chief. In any other country, such a large corporate fraud would have brought the government down.

I appeal to the prime minister to bring those responsible to court, otherwise the country will be blacklisted by the world.

All institutions like the Attorney-General’s Chambers, the MACC and the police are supposed to be the vanguard of the law.

Please bring those responsible for this biggest fraud to court in the interest of the country.

BrownCheetah9736: I agreed. Falsifying information is a criminal offence, and that carries jail time.

It has precedents as previous directors of listed companies have gone to jail for misleading/falsifying information.

This case deserves to be heard in court. Any sweeping under the carpet will be bad for investor confidence and corporate governance.

6th Generation Immigrant: These resignations in SC, and not forgetting that Azam claimed that his brother traded shares in his name while the SC clarified the shares were traded in his own name.

The chief justice then made a very strong statement, possibly directed at Azam. Last but not least, Awang Adek, a career politician, is now helming the SC.

BluePanther4725: The lack of transparency and law and order causes the huge outflow of money and foreign investment from Malaysia.

The ringgit is at an all-time low and inflation is rising. This will affect our livelihood and cause more suffering to all Malaysians.

The only way to save ourselves and our country is to get rid of the corrupted kleptocrat Perikatan Nasional/BN government. Otherwise, we may end up like Sri Lanka, Venezuela or Greece.

BobbyO: Every agency or institution is being compromised. Even the judiciary, the last stronghold, is being attacked.

We have a very ineffective leader who does not stand up for what is right but instead compromises his principles in exchange for staying in his position.

It will be those in power against the common man or woman. No wonder our currency and even local and foreign investors are taking flight.

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