Zarinah: ‘Gangster’ of Bukit Kiara

SC Chairman Tan Sri Zarinah Anwar

Securites Commission Chairman Tan Sri Zarinah Anwar has done it again. She is ‘terrorising’ the public in the her fiduciary duty of the being the boss of regulating body for the securities, capital and debt market industries in Malaysia. This time is about interrogating business writers.

This is about abuse of power andwrongful discharge of authority. This is probably not the first time.

Zarinah as SC Chairman must explain and be held accountable for the the ECM Libra-Avenue Capital highly controversial ‘merger in mid 2006. In late 2005, boutique stock broking firm ECM Libra had an ambition to be a full fledge investment bank and needed the universal stock broking license from the authorities, namely the SC. Shareholders and active players include then son-in-law of the Prime Minister ‘Flip-Flop’ Dato’ Seri Abdullah Ahmad Badawi, Khairy “The Most Powerful 28 Year Old” Jamaluddin and media-dictator Kalimullah “Riong Kali” Hassan had the ambition to ‘take over’ a much larger firm Avenue Capital Resources Bhd.

The problem is that ECM Libra had only a market capitalisation of RM 200 million versus ACRB’s RM 800 million. The disparity of the value between the ‘proposer’ and ‘target’ is so vast, in terms of capital and even clientèle. Hence, the ‘magic play’ begins. ECM Libra was purportedly pushing up its share price and the a two day all time market high was recorded as the ‘value’ price in the negotiations. It is still not adequate. Then it was said that advsior to the merger KN Kenanga ‘colluded’ in ACRB highly irregular impairment of goodwill of RM 296 million, to bring the value of the ‘merger’ to a more equal footing.

The ‘raping’ of ACRB’s shareholders’ rights went on further. The BOD of ACRB failed to furnish shareholders the right information and explanation when the EGM held for the ‘merger’ in May 2006. The ‘merger’ proposal was practically forced down the shareholders throat. Minority shareholders’ rights were violated. The most glaring is that ACRB did not make a mandatory general offer to the minority shareholders prior to the merger. Minority Shareholders Watchdog Group came out very strong opposing this violation of the minority shareholders rights, specifically provided under the Companies Act and Securities Commission Act.  And yet he ‘merger’ sailed through, almost without any real obstacle.

Reports were made to the SC against the ‘merger’. Nothing avail. At least 17 reports were filed by minority shareholders alone. At best, the complainants got an acknowledgement from SC  for their complaints. Even three police reports were filed. The commercial crime policemen without the necessary skills did the proper thing; They forwarded the police reports to the subject matter expert: The Securities Commission.

Guess what? SC did nothing. SC allowed the highly controversial and irregular ‘merger’ to go on. It was said because the Chairman Zarinah Anwar is then close to PM ‘Flip-Flop’ Dato’ Seri Abdullah Ahmad Badawi. She was appointed SC Chairman on 1 April 2006, ‘conveniently’ just prior to the ECM Libra-Avenue Capital ‘merger’.

The more recent is the case about MyEG Services Bhd. One of the players whose company comprises part of consortium which provided service for the online service provider for Malaysian Government counter services, one Singaporean Mr  Ong Soon Kiat pleaded guilty under Singaporean Sect 97 (1) of the Securities Industries Act in 1999. And yet S K Ong as a white collar criminal was an active shareholder and Chief Executive Director of Paxelent Corporation Bhd.

How could SC allow such a person hold position in a plc, moreover which was given wholesale business to provide online government counter services for the rakyat on behalf of the Federal Government? This serious breach of Securities Commission Act 1993 was actually notified to the SC in July 2008 but then again, non avail. Many believed that this is because MyEg Chairman Dato’ Dr. Noraesah Mohamed is very close and a relations to PM ‘Flip-Flop’ Abdullah.

It is as if SC is part of an organised and institutionalised ‘gangsterism’, in organised practice to protect the ‘inner circle’ of then corporate crooks close to PM ‘Flip-Flop’ Abdullah. Hence, the act of terrorising two business jounalists is just a tip of the iceberg as compared to ‘institutionalised gangsterism’ that Zarinah imposed upon the SC for allowing the anchovy-sized ECM Libra to take over the much larger whale shark ACRB. This is not withstanding other shoddy deals not yet uncovered.

Soon enough, bloggosphere will be coloured with these scandals. This must mot be good for Prime Minister Dato’ Seri Mohd. Najib Tun Razak whose third promise as UMNO 7th President acceptance speech is to combat corruption (and abuse of power).

*Updated 1400hrs

Published in: on June 27, 2010 at 09:38  Comments (20)  

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20 CommentsLeave a comment

  1. Dog,

    Well done bro. An excellent write up on the obviously corrupt Zarinah Anwar. She has traded her ‘bodoh macam handbag’ soul for power and position. She is a crony of Badawi, Riong Kali, Kamaludin, Khairy and dont forget Nor Mohd Yakob. Everything bad that happens in the financial arenas in this country since the Bank Negara’s RM30 billion losses must involve Nor Mohd Yakob. And still our govt keeps these incompetent people in positions of authority.

    Zarinah is the sister of Zainah Anwar – of Sisters in Islam. This is a rare occurence of coincidence in history of our country. Zarinah is a human resource staff from Shell and knows as much about business and finance as her handbag would know about driving a car. Her sister Zainah knows as much about Islam as a handbag would know about driving a car.

    Zarinah’s incompetence at the SC is covered up by her controllers especially Nor Mohd Yakob. So she does criminal things like allowing the illegal takeopver by ECM Libra over Avenue Capital to please her controllers. In other jurisdiction a woman who sells herself so easily is called other names.

    This is the second time that this easy woman is trying to use strong arm tactics to frighten reporters and the Press. Earlier she threatened to sue Rocky for his Blog writings. Now reporters have been called for interogation.

    This anak mami from Johor moved up in the corporate circle because of ‘fill up bumi quota’ in Shell. In SC she is showing her true talent – available for a price.

    • Is that all her qualification and experience? How come she was close to flip-flopping Tun Dol? She’s also said to be close to Noor Akop. These do not make her eligible for the position, do they?

      What bloody relationship has Human Relations at Shell got to do of being Chairman of SC? What the bloody hell this country. That was Tun Dol’s time.

      S K Ong shareholder and Chief Executive Director of Paxelent Corporation Bhd any relation with Omar Ong? If so danger sign again. Omar Ong was a Petronas loan delinquent but hammered into Petronas BOD despite being rejected the first time.

      What the bloody hell this country. We must object to this sort of things. We should try get those arranged by Tun Dol be “disarranged”. Looks like those responsible for the hanky panky have gone mentally deranged.

  2. Hmm. It will be great to hear what SC-ers say. She should also provide answers on these matters together with the appropriate justifications

  3. I bought some shares of Paxelent a few years ago. The company somehow vanished from KLSE and I lost all my money.

    Kudos to Zarinah!

  4. does not suprised at all about all her actions after knowing she’s the siblings of Zainah Anwar, Sisters Hate Islam…

    • I hate SIS more than other thing in this world…

  5. […] Zarinah: ‘Gangster’ of Bukit Kiara […]

  6. […] Zarinah: ‘Gangster’ of Bukit Kiara « The “thirteen million plus Ringgit&#822… Categories: shareholders rights Tags: business writers, capital resources 8Jul […]

  7. […] updates: Zarinah: “Gangster” of Bukit Kiara […]

  8. […] of the capital and securities industry regulating body under Chairman Tan Sri Zarinah “Gangster Bukit Kiara” Anwar these past four years had been inconsistent, ineffective and worse of all, […]

  9. I would like to point out there is an error on Issue no.2, it was note Myeg Services, the actual company is KOMMS, konsortium multi media swasta, a wholly owned subsidiary of Paxelent Corp. who is also a concessionaire for e-government. you can take a look at bursa’s announcement

  10. […] Nor Mohamed was the Second Finance Minister when. MOF Inc owned Avenue Capital was hived off to ECM Libra in mid 2006. Riong Kali was part of the acquiring company. So was Khairy Jamaluddin, son-in-law to PM ‘Flip-Flop’ Abdullah. This is the first scandal which over-shadowed Security Commission Chairman Tan Sri Zarinah Anwar’s leadership. […]

  11. Idiots.

  12. […] son-in-law of the day, Khairy Jamaluddin, was also part of the deal. Securities Commission Chairman Zarinah Anwar was much in cahoot regulatory-body-cover-up of the take-over scandal and both are still marked by the exercise. The […]

  13. […] The dust of the last Sime Darby corporate deal boo-boo has yet to settle. And yet, this quickly decided deal. Our corporate scandal analyst blogger Another Brick in the Wall says this over priced deal has indirectly something to do with the ‘notorious’ SC Chairman Tan Sri Zarinah Anwar. […]

  14. […] there is scandals-plagued Securities Commission Chairman Tan Sri Zarinah Anwar. Of course, Sime Darby Chairman Tun Musa Hitam also should be on the hit list, because of […]

  15. Tak faham why the PM still keeping Nor yacob n the x pm cahoots in the govt.,all our PM got from these looters is ‘tahi terpalit’ and thinning confidence frm the rakyat like me towards the govt..baru nk regained trust to govt dah pudar balik.seems PM buat tak kisah with all these power abuses,corruptions n misconduct.

  16. […] the wake of the recent scandals involving Securities Commission Tan Sri Zarinah “Ganster of Bukit Kiara” Anwar and her corporate-notorious husband Dato’ Azizan Abdul Rahman in the sale of 30% […]

  17. […] half years, because of the failure to act against them. Even Singaporean rogues such in the case of Ong Soon Kiat got passed by under the watch of this “Gangster of Bukit Kiara”. Then again, ‘All rogues seems to be leading to SC’. Under her watch, SC seemed to be […]

  18. You guys so need to check your facts before commenting. She was the director of corporate services in shell. Not just some HR staff. And she was holding the position of deputy CEO of the sc for a few years before becoming the chairman. So, check your facts right, guys.

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