Wee vs SC

Wangsa Maju recently turned independent MP Wee Choo Keong is set to take Securities Commission head on. The ‘irregularities’ 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, abusive.

After his scathing but shocking Dewan Rakyat speech on Thursday 15 July 2010 (which is the continuum of an earlier speech in the Parliament on 7 July 2010), SC decided to rebutt Wee in Utusan Malaysia this morning. Taking a position of “Being victimised by a politician like Wee”, SC’s rebuttal is both lame and inconsistent. SC as a regulating body with the Securities Act and Company’s Act as their guideline and tool, obviously could have done more in obscure and ‘irregular’ corporate deals such as the Pantai Holdings deal to Parkway, the elusive merger of ECM Libra to Avenue Capital and most recent, the mishandling of business journos in the investigations of the sale of shares in Kenmark.

SC had been very inconsistent in their performance to duty that they should be regarded as ‘Selective Prosecution‘.

The theory is that Zarinah was placed in her current position in mid 2006 by then Minister of Finance II Tan Sri Nor Mohamed Yackop to ‘facilitate’ the highly ‘irregular merger’ between ECM Libra and Avenue Capital. Persons considered as ‘Abdullah and Co’ such as Kalimullah “Riong Kali” Hassan and son-in-law then Prime Minister ‘Flip-Flop’ Dato’ Seri Abdullah Ahmad Badawi, Khairy “Most Powerful 28 Year Old” Jamaluddin were direct beneficiaries of the merger. She should really answer for this ‘corporate fraud’.

It is without a doubt that Zarinah was put in place and she served the ‘purpose’ of the people that put her there. Nor Mohamed is the ‘King of Corporate Deal’, especially with regards to GLCs. Zarinah’s husband also benefited from her position.

The web of corporate power brokers during PM ‘Flip-Flop’ Dato’ Seri Abdullah’s regime is still very much an integral part of who-is-who in the KL corporate scene. Even though Riong Kali is out of sight, the puppet-master of GLCs and master-deal-maker Nor Mohamed is still very much around (now in charge of macro economic planning) and Zarinah is still very much in power at regulating end.

This is bad for the capital and securities industry when the regulating body can no longer be trusted as the integrity of the stewardship of the organisation is doubtful. PM Dato’ Seri Mohd. Najib Tun Razak is counting on the bullishness of the capital market as one of his bets to drive the economy forward, in translating the game plan of the New Economic Model to propel Malaysia as a high value economy nation. At the current state of the SC, their position and ability to uphold the law and regulate is becoming doubtful and a lot is required to gain confidence, especially foreign controlled companies contemplating to be listed here in Malaysia.

SC is making a grave mistake to elude and worse still, trying to spin all that Wee raised in the Dewan Rakyat two days ago. Wee is very resolved in upholding his stand, in any position that he takes. The pursuit against transparency and governance is very consistent. Prepare for more with SC’s lame attempt to spin their position.

The end game of this is clear. Wee will not stop till PM Dato’ Seri Najib replace Zarinah with someone with better integrity to restore confidence  to the SC. This will also the ‘nail to the political coffin’ of Nor Mohamed.

Published in: on July 17, 2010 at 23:45  Comments (5)