Another one bites the dust

The Grand Old Witch of Bukit Kiara

We have been fighting against PM ‘Flip-Flop’ Tun Abdullah Ahmad Badawi’s appointed Securiy Commission Chariman Zarinah Anwar for the sixth years now. Ever since the ‘highly irregular’ take over of Avenue Capital Resources Bhd., since mid 2006. There were another corporate take over scandals during the past five and half years. The more recent was the sale of 30% to E & O shares to Sime Darby.

Top SC job to be split between retiring Treasury chief, executive director

By Jahabar Sadiq
Editor
February 09, 2012

KUALA LUMPUR, Feb 9 — The Securities Commission (SC) will revamp its top post with retiring Treasury chief Tan Sri Dr Wan Abdul Aziz Wan Abdullah taking over as non-executive chairman from current executive chairman Tan Sri Zarinah Anwar when she steps down at the end of March, sources say.

The Malaysian Insider understands that Zarinah’s regulatory duties will be taken over by Datuk Ranjit Ajit Singh, who is now the executive director of market supervision in the commission. It is learnt that Putrajaya felt Ranjit was most capable for the top job but there was concern the right wing in Umno may jump if a non-Malay took the post, leading the government to split the job to provide cover for any non-Malay getting such a post and placate the Malay ground.

“Dr Wan Abdul Aziz will come on board as non-executive chairman and Ranjit will be the top regulator,” a government source told The Malaysian Insider.

Zarinah is stepping down as SC chief at the end of March

Another source said the government will make the announcement soon, including naming a replacement for Wan Abdul Aziz in the Treasury.“They’ve decided to split the SC post for accountability purposes and to provide cover for any non-Malays getting such a job while placating the Malay ground,” he said, adding that Zarinah was both chairman of the commission and also head of the senior management in the SC.

“So now, the top regulator reports to the commission,” the source said.

Singapore’s The Straits Times reported last week that Zarinah was stepping down as the SC chief next month after six years at the helm of the capital markets watchdog.

Her contract ended amid pressure over the market regulator’s role in conglomerate Sime Darby Bhd’s acquisition of a 30 per cent stake in E&O Berhad last August, where her husband was chairman of the property developer.

The Straits Times said government officials and financial executives close to the situation told the newspaper that “Prime Minister and Finance Minister Najib Razak will decide on her replacement in the coming weeks.”

“The E&O deal has put Tan Sri Zarinah in a tight spot. The reason is that her husband, who is E&O chairman, had raised his personal stock holdings in the company just days before Sime Darby’s announcement,” it reported.

State-controlled Sime Darby purchased its 30 per cent interest from three major shareholders — E&O managing director Datuk Terry Tham, Singapore’s GK Goh Holdings and a group of investors led by businessman Tan Sri Wan Azmi Wan Hamzah — at the end of August last year in a deal that valued E&O shares at RM2.30 a piece.

The purchase price represented a 60 per cent premium over the value of the shares in the company on the open market when the deal was announced.

The RM776 million deal triggered unease over the widely perceived coddling by the agency of large state-controlled companies at the expense of minority shareholders when exercising its authority on corporate takeovers.

The SC ruled six weeks after the deal that the plantation-based conglomerate did not have to make a general offer, prompting E&O minority shareholder Michael Chow to sue the SC for failing to compel Sime Darby to make a general offer for the rest of the shares, which would cost an additional RM1.8 billion.

This came despite a SC task force finding that Sime Darby was obliged to make a general offer for E&O shares after acquiring a 30 per cent stake in the property developer.

Singapore’s The Straits Times reported last week that the task force was of the view that a general offer obligation had been triggered as a new “concert party” was created between Sime Darby and Tham, who jointly controlled more than 33 per cent in the property concern after the deal.

Malaysia’s takeover rules stipulate that any party that acquires more than a 33 per cent interest in a public-listed entity must carry out a general offer for the remaining shares.

A general offer can also be triggered if a new party buys less than 33 per cent, but secures management control of the target company.

***************

Now that she is gone, we all should see this as the ‘Pandora’s Box’ being opened and look into all ‘unsolved mysteries’ in the past. Probably Malaysians now could know the truth and ECM Libra Kalimullah “Riong Kali” Hassan and then Vice UMNO Youth Chief could be investigated thoroughly for their involvement in the ‘highly irregular’ dealings to make ECM Libra what it is today. Also, dear hubby Dato’ Azizan Abdul Rahman and the various corporate deals, such as investigation on insider trading on the pre-E&O shares sale and failure to discharge fiduciary duties under Company’s Act.

So many corporate crooks found ‘sanctuary’ under SC these past five and 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 covering a lot corporate rogues’  of tracks. The stench of all these rats had all along been unbearable.

Even MPs went after her. So many unanswered questions, being swept under the carpet under her watch.

A lot needs to be done to recover all the negative perception casted on and against SC. Prime Minister Dato’ Seri Mohd. Najib Tun Razak’s vision for a higher value Malaysian economy and income of Malaysians cannot be realized if the capital and financial market is in shambles because of poor governance at authority level.

It is a good riddance indeed. Now, lets make this new formula work. Naturally, the Prime Minister as the Finance Minister and Second Minister must keep the monitoring of SC close and tight. We cannot afford another rogue there anymore.

Published in: on February 9, 2012 at 10:01  Comments (19)  

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19 CommentsLeave a comment

  1. Why Singapore Straits Times know it first? Why? Why?

    • Simple answer: people in the know, including the powers-that-be feel more comfortable with the “professionalism” of the Singapore media (Singapore Straits Times and Business Times papers and the Channel NewsAsia TV channel) and their journalists and reporters than with the Malaysian media.

      Plus the fact that these journalists and reporters (S Jayasankaran, Leslie Lopez, Teo Cheng Wee, Melissa Goh and Caroline Hong) have good contacts amongst Malaysian politicians and officials.

      Some more all fluent in English, mah!

      • Haiya skilly

        You know I know – they have moles everywhere. US also declared that Singapore is a strategic ally in Asia. Singapore is giving advice to Uncle Sam.

        As for fluency in English, some Malaysian Chinese working there speak like Ah Pek also can hold high positions.

    • why, all our communications and data are stored there. one of them, remember LHDN computerisation upgrading project under “who else” a few years ago?

  2. I agree that she has to go. Good that she’ll go.

    But who says “Putrajaya felt Ranjit was most capable for the top job but there was concern the right wing in Umno may jump if a non-Malay took the post”? Malaysian Insider is an Opposition blog and what it prints may not be reliable.

    The retiring Treasury chief Tan Sri Dr Wan Abdul Aziz Wan Abdullah is qualified, isn’t he? Has he no Economics background, his PhD not related to Economics? The fact that he has been the Treasury Chief (Ministry of Finance Secretary General?) shows that he has exposure to financial matters and surely has knowledge about the running of the Stock Exchange.

    The opinion by the Malaysian Insider Editor (is he a Malay? – his name doesn’t sound one) is not necessarily reliable. We note that he and MI was sued by ex-MAS Chairman Tan Sri Tajuddin Ramli and apologized publicly for wrong reporting.

    Why is this talk about the government “splitting the job to provide cover for any non-Malay getting such a post and placate the Malay ground”?

    • Abu

      Are you implying that Datuk Ranjit does not have the qualifications, credentials and experience to do this job?

      Or is it because every time a non-Malay is appointed to a top post in a GLC or regulatory body, all sorts of parties come out of the woodwork and cry foul?

      As witness the hoo-hah when non-Malays were appointed to senior posts in Petronas and Khazanah.

      • Hoi you Singaporean ultra kiasu. You have no business to be commenting here. You have been doing so under the last name in here, in Rocky Bru etc in the past. All the time glorifying Singapore leaders and demeaning Malaysian leaders.

        What’s with you? Cannot say anything in Singapore blogs? Get whacked or sent to jail, demoted or deep frozen in your work place in Singapore?

        And you have no bloody points, too. Mere opinions, only accusations, not substantiated with facts. I can do the same to you, too. You aimed to hijack the discussion, did you? I have a few nasty words for you but censor myself to avoid other readers turning blue.

      • I am not rascist or wat-not lah.

        Agree with Haba, ‘some parties’ are ‘eager to usher in non-Malays’ cos why? Easy for Singapore to ….

        Malays are not dumb asses, so plezzzzzzzzzzzz …

      • Skilly

        You should know the corruption cases involving senior officers in Singapore dubbed as “serious personal misconduct”.

        The arrests were not IMMEDIATELY reported in the press. Why?

        And mind you these are highly qualified Chinese who have obvious character flaws. And of course they speak FLUENT English.

  3. One thing going for Ranjit Singh is that he is an insider.

    But so is Dato Nik Ramlah. She was so much senior to Ranjit.

    She had been in the SC for decades. She joined the SC at the junior level, although she was a senior lecturer at the law faculty in University Malaya. The SC’s management saw the rough cut diamond that she was. She was then rapidly promoted and had her moved through many many departments. She was seen as CEO material by the then management of the SC.

    She was a rising star until the 4th FLoor boys and Slumberjack brought in Zarinah from Shell. Zarinah parachuted in as Deputy Chairman of the SC, without a day of working experience in a bank, capital market organization, let alone in a financial market regulatory institution. But under the Slumberjack — the wierdest and stupidest things happened.

    Zarinah’s gain was Dato Nik Ramlah’s loss. The move killed both the culture of valuing insiders as GOLD, and Dato’ Nik Ramlah’s future — a bright star no more. (I understand she had just retired. Perhaps the good Dato is now ad adjunct law prof at her alma matta – the UM)

    In fact, during Slumberjack’s time, the 4th floor boys roundly replaced insiders in Telekom Malaysia, Tenaga Nasional, the Khazanah, and in all major GLCs. Why?? — senang dapat kontrak loh!!

    PM should have ended this destructive legacy a long long time ago, when he came into office. But not too late yet. For example, time to listen to the staff and union members of Tenaga. They want an insider now. Are you going to say NO to them?? Again??

    Time for the PM and the KSN to also call Dato Nik Ramlah for a short chat.

    Tuan Big Dog

    I hope you and other brother bloggers would help find and assist many many INSIDERS that had been binned by Slumberjack and the 4th Floor boys. Their sufferings need to be aired. They gave their lives to their organizations, only to see someone like Zarinah helicoptered in.

    Thank you.

    • Agree with you.

      But the 4th Floor legacy is still there. Omar Ong. Rejected by Petronas Board for being a Petronas loan delinquent then, but hammered into the Board and Tan Sri Hassan Merican lost his job.

      It’s difficult to believe many of the decisions on GLCs, Khazanah, MAS-Air Asia etc are without the unseen hands, and that CIMB being the consultants to huge financial deals being coincidental.

      Not much we can do but like hell we can shout and keep shouting here, there and everywhere.

    • Dr Nik has not retired. She’s still there.

  4. commission. It is learnt that Putrajaya felt Ranjit was most capable for the top job but there was concern the right wing in Umno may jump if a non-Malay took the post, leading the government to split the job to provide cover for any non-Malay getting such a post and placate the Malay ground.

    Typical lazy ass mat mentality…

    • Oh yeah? And you typical of the secret societies, thugs and gangsters mentality? Take, take, take, not respecting the interests of the others? SOG.

    • shhhhh

      You are outdated. The Mat and Minah mentality belongs to the 60s. So please wake up before you are struck down by a paralysing stroke.

      The Twin towers, Petronas, Sepang circuit, etc are symbols of MALAY achievements. The international community are crediting Malaysia (read that as Malays) for progress made.

      And here you are living under a coconut shell – immobilised by your archaic stereotypes. Pathetic.

  5. […] just common sense anyway, whether about the titillating trash pumped out by Papagomo, Parpukari and gang or the sensational disclosures of Raja Petra Kamarudin. Malaysians should not whole-heartedly […]

  6. Dedicated to skilly

    Singapore is placed at 135/179 countries in the press freedom index 2011/2012.

    Being a first world country that prides itself for a clean as white (not funeral shade) govt, that practises meritocracy, democracy, transparency, visibility, accountability and a string of other “ty”s …

    why oh why skilly, is Singapore placed at the 135 spot out of 179 countries for press FREEDOM?

  7. I think you should read bigcat and know the real agenda. If only you know her personally I think you would change your mind about them

  8. Ranjit got the job.


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