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Showing posts with label SC. Show all posts
Showing posts with label SC. Show all posts

Zarinah should do a Xenophon

Finally. The much maligned former Securities Commission chairman Tan Sri Zarinah Anwar is getting justice done for herself.


 The foreign-funded pro-Pakatan Malaysiakini, which was probably trying to undermine our country's capital market by attacking Zarinah was made to eat humble pie today . You can read it here in Rocky's Bru Page 2



It was however a poorly constructed apology as Malaysiakini, as pointed out by Rocky., didn't even deem it necessary to spell out Zarinah's full name in the content of it's apology. To me, this signify their lack of sincerity and remorse for committing the "error".

It's very unlike the NST's apology to that Australian MP Nicholas Xenophon which I think was excessive. Well, the Aussie, probably instigated by his Malaysian Pakatan friends, is going to sue NST anyway.

I think Zarinah should do a Xenophon too and proceed to sue Malaysiakini despite their apology. which I think was rather insincere. She may clear her name out in open court in the process. Get it done once and for all. Sue them for a couple of hundreds million ringgit. Whatever she won, she can donate it to charitable causes. Zarinah, now no longer in office, got nothing to lose by doing that.

Errr, dear lady....but please don't sue my bloggers friends. Be magnanimous to them, ok? You would made your point already by just suing the good for nothing Malaysiakini leh..

Oh, by the way. Tan Sri, Happy Mother's Day. Hope you enjoy a good weekend with your children.

A bouquet for Zarinah, my first muse

Today is the last day of Zarinah Anwar as chairman of Securities Commission.

This posting is my farewell to her.

Zarinah was my first muse in this blog.
Is she really a crook?
That was the second posting of this blog.
You can read the rest of stuff I wrote about her here - SC 

Well, my lady, here is a bouquet for you. 



Have a good rest. I hope to meet you in person one day.  Take care.

BTW, The Star did an extensive coverage on her departure  from SC for their today's publication.
This is the main story and the links to the other accompanying articles - 


Tough job for a tough lady

By JAGDEV SINGH SIDHU
jagdev@thestar.com.my

As Tan Sri Zarinah Anwar sat down to give her exit interview as the chairman of the Securities Commission (SC), she struck an all too familiar look that many in the capital market have gotten accustomed to.
With her trademark dark rimmed reading glasses drooping on the bridge of her nose, Zarinah, with her answers to a set of questions StarBizWeek had sent earlier, requested that the interview follow the set of prepared answers to questions.
She was not about to break from form after serving as chairman of the Securities Commission for six years as the chief regulator of the capital markets. She stuck to the end of her job and responsibility and was still going by the book. Saying what she wants, getting her point across, without leaving room for any misinterpretation.
Zarinah sends a message that the integrity of the market was not an option she would compromise.
What market participants have also gotten used to during her time is her unflinching commitment to market integrity. A virtue that was first demonstrated when she stepped into the shoes of her predecessor Tan Sri Md Nor Md Yusof.
Her first public “crisis” was to deal with talk of manipulation involving the trading of shares in Iris Corp Bhd and market chatter about unscrupulous officials in the SC.
Zarinah got tough with the manipulators, dousing the then fervour trade surrounding the stock and at the same time, sent a message that the integrity of the market was not an option she would compromise.
That integrity was also questioned in a different light when talk pointed to the existence of corrupt SC officials walking through the corridors of the commission, an accusation she took head on with much contempt. She implored for evidence, saying she would act to fix what was wrong.
Those two episodes tested the experienced regulator who had learned the mechanism of the SC after joining the commission from Shell in 2001 to serve as the deputy chief executive until her promotion in 2006.
It was not a job she thought she was going to stay long in but she engineered the motion of steadfastly straightening the SC and establishing a robust regulatory and governance framework that market participants have come to respect.
Zarinah says she stayed on as chairman for far longer than she intended to, going against the grain of her early thoughts about joining the SC.
“It is no secret that I had wanted retire earlier, so it really wasn't a difficult decision. It is something that I had planned for. I had wanted to retire two years ago, that's why I accepted one-year extensions for the last two renewals. It was a matter of getting the right successor in place.”
Nazir: ‘Certainly she has been extremely dedicated to her work and is wellrecognised globally.’
Zarinah presided over a period that saw not only significant growth in the capital markets both in equities and the corporate bond market but also led to improvements in the vigilance and governance oversight of those markets through the SC.
Larger audience
During her time, she has been credited with numerous initiatives that has improved the capital markets, which included the setting up of the audit oversight board, presiding over the Capital Market Development Fund, which has helped organisations such as Minority Shareholders Watchdog Group to be more effective, and brought the Malaysian capital markets into the larger audience by getting the SC to get involved in IOSCO (International Organisation of Securities Commissions), where she managed to get issues important to Malaysia and the region, on the agenda.
Those efforts were not lost on those who have worked with her.
“Zarinah has made significant contributions towards strengthening the standards of regulation and corporate governance in the capital market as well as building the institutional capacity of the SC,” says Datuk Ranjit Ajit Singh, the man who would replace her as SC chairman tomorrow.
“Her efforts have been well-recognised by industry and her peers in the regulatory circles globally. For those of us who have worked with her closely she epitomises the qualities of a dynamic and determined leader with a strong commitment to quality and hard work.”
Goh Ching Yin, SC's executive director, strategy and development noted that she oversaw the implementation of 96% of the recommendations contained in the Capital Market Masterplan 1, which followed with the launch of the second plan aimmed at bringing growth through governance, over the next decade.
“She is a tough act to follow; disciplined, passionate and full of pace.”
CIMB Group Holdings Bhd chief executive Datuk Seri Nazir Razak feels Zarinah tenure as chairman of the SC has been important for the industry over the 10 years she has served in the SC.

Hagger: ‘She has done a good job under difficult circumstance of not only developing but also in regulating the capital market.’
“Certainly she has been extremely dedicated to her work and is well-recognised globally and that is a reflection of her and the institution.”
Apart from the brief maelstorm early on in 2006, Zarinah presided over a period of relative quiet for the capital markets. There was no implosion of the market or massive failings of large companies that unearthed any serious failings of board of directors unlike the post Asian financial crisis or the collapse of the dotCom bubble.
The capital markets held its breath during the global financial crisis, and despite the period of volatility in the capital markets, companies and intermediaries of the market escaped unscathed from the period.
That, people felt, could also be attributed to the foundation the SC had laid to improve the way and processes of oversight of listed companies.
“She has done a good job under difficult circumstance of not only developing but also in regulating the capital market,” says head of Malaysian equities at Credit Suisse Stephen Hagger.
“Both those aspects are distinct parts of the job and difficult to do in Malaysia when often there can be political interference.”
Hagger says that one clear example of the job Zarinah and the SC have done was to improve the standards and quality of corporate governance in Malaysia.
“We no longer hear about concerns over corporate governance in Malaysia from foreign investors. A large part of that credit goes to Zarinah.”
For the investment bankers that deal with the SC on a daily basis, they recognise the improvements that have been made under Zarinah.
“It's the consistency. For most of the deals we are involved in, decisions have been applied consistently,” says Maybank Investment Bank Bhd CEO Tengku Zafrul Tengku Abdul Aziz.
“In terms of the integrity of the market, Zarinah has been good for it. The SC did act within its powers.”
One of Zarinah's improvements Zafrul appreciates is the turnaround time in which IPOs are approved. For that, Zafrul says the team at the SC that handles the big IPOs that land on their desks are very good at the job they do.
“They move very fast and are market-friendly. The training in Shell shows. Everything has a process. It's clear what we need to do and everything is thorough,” he says.
“She was not a difficult chairman to meet. She is firm but she listens and tries to engage with us.”
Datuk Yusli Mohamed Yusoff, who is now chairman of Mudajaya Bhd but dealt with Zarinah regularly when he was the CEO of Bursa Malaysia, remembers her as being a very strict regulator.
“She had a no-nonsense approach. The capital market participants and the listed issuers got a clear message that they must toe the line. There were no ifs and buts. She expected everyone to follow the rules without exceptions.
“The SC chairmanship is a position that comes under a lot of pressure from different directions. The role requires having to balance what's good for the market and what's good for the market participants. Her focus was on corporate governance, investor protection, shareholder activism, transparency and discipline. And these are very important if you want to have a market that's credible,” he says.
“Market integrity was of utmost importance to her. That came across very clearly.
Yusli: ‘Her focus was on corporate governance, investor protection, shareholder activism, transparency and discipline.’
“She is someone who works very, very hard, and is passionate about her work. And that was to the benefit of the Malaysian capital market,” he adds.
Her exit
Despite the accolades, some do feel there were certain aspects of her job which she could have done better.
Her uncompromising stance on speculative activity has led to a more orderly market and the entry of foreign brokers has seen an improvement in market volumes as they are better able to match the demand for large blocks of shares with that of not only from the local institutions but also that by foreign buyers.
But the downside of it is what people feel is a less “interesting” market.
Those sighing about the current blandness are not hankering for the return of the days of when Bursa Malaysia had the monicker of being cowboy market but feel that maybe the SC should relax its grip on speculative activity to get the excitement back into the broader market.
One analyst notes that in the pursuit of regulation and oversight, the stock exchange has gone from being one of the most fluid markets in the 1990s to one of the least today.
“There is not enough excitement from the retail market. I suppose it's regulated, you can say,” says an observer.
Another question mark over her time in the SC, unfortunately comes at the end, when allegations of insider trading were levelled against her husband when Sime Darby Bhd acquired 30% of Eastern & Oriental Bhd. Her husband, Datuk Azizan Abdul Rahman, is the chairman of E&O. Azizan had purchased 100,000 shares of E&O on Aug 12, 2011 while the purchase of E&O shares by Sime Darby was announced on Aug 28 of the same year.
“The provisions of the law, and all internal rules and governance requirements have been fully complied with,” says Zarinah about the incident.
“It's sad that there have been parties with vested interest and personal agenda who have sought to tarnish the SC and my reputation.”
There are those in the market who feel such aspersions on her at the tail-end of her career at the SC was not right.
The SC, they say, has a much better reputation and ability today and a lot of credit should go to Zarinah and her team in trying to enhance the SC and its functions.
“The slight cloud surrounding her time of exit is unfair. She stayed on because she was asked to,” says Nazir.
One banker said she had worked for far less remuneration than what she could have earned had she returned to Shell and taken her career upwards.
“People should not forget the sacrifice she has made for the decade of service at the SC. She played it straight and did her part.”
Related Stories:
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Ready for recommendations?
Changing of guard
SC's long list of achievements



All the best, Zarinah

It has been confirmed. Zarinah Anwar is leaving SC.

Many will be happy, I guess....but not all.

Well, whatever it is, I wish her all the best. Take care dear lady.  Have a good rest.


Here  is the story by Bernama.

Tan Sri Zarinah Anwar, who has been chairman of the Securities Commission Malaysia (SC) since 2006, will retire when her term is completed on March 31 this year.

Datuk Seri Najib Tun Abdul Razak, Prime Minister and Minister of Finance, has appointed Datuk Ranjit Ajit Singh to succeed Zarinah as SC chairman and Datuk Dr Nik Ramlah Mahmood as deputy chief executive, according to a statement by SC.

Both currently serve as SC managing directors, and their new appointments take effect from April 1, 2012.

Zarinah has played a key role in strengthening and developing the Malaysian capital market over the past ten years, establishing a robust regulatory and governance framework which has contributed to the growth of the market, and investing resources in building regulatory capacity.

Ranjit is a highly experienced regulator with over 20 years' experience in finance and securities regulation.

A financial economist and accountant, Ranjit has served the SC since 1994 in a variety of areas including the supervision and oversight of the market, strategy and risk management, financial policy and economics.

He is chairman of the International Organisation of Securities Commissions (IOSCO) group on secondary markets, has chaired an expert group on capital markets for a Financial Stability Board taskforce, and has served as a member of the International Monetary Fund’s expert group on governance of public sector agencies.

Nik Ramlah is trained in law and has served the SC for over 18 years covering legal and regulatory reform, product and market development, corporate governance, Islamic capital markets, investor education and enforcement.

She also sits on the board of the Securities Industry Development Corporation, the SC's training and education arm.

She is a core member of the Organisation for Economic Co-operation and Development (OECD) Asian Roundtable on Corporate Governance, and is a member of the Technical Committee of the Islamic Financial Services Board (IFSB). -- Bernama

The SC saga - try not to be so blind, ok?

Predictably, Singapore's Straits Times correspondent Leslie Lopez today came out with another article running down Malaysia's Securities Commission as a follow up to the pro-Pakatan Malaysian Insider article on SC chairman Zarinah Anwar, written by his friend Jahabar Sadiq.


This is the fourth round of attacks against Zarinah and SC by the Leslie Lopez-Malaysian Insider joint-venture. My earlier take on this is here -
How the "credible media" was manipulated - SC case...

I am not going to link or cut and paste Leslie's article here, as there is nothing new in it. Just the same old accusations against SC. If you still want to read it, go and subscribe to the Singapore's ST website and further enriched the already rich people across the Causeway.

To those who thinks that Singaporean journalists are better than their Malaysian counterparts, well, think again. Will Leslie be so brave as to thrash talk the republic's regulatory bodies or claimed that he knows Hsien Loong is planning to do this and that? Will the ST editors let him do that? I do not think so.

Unfortunately, some of my senior pro-BN bloggers were so adamant in wanting Zarinah out that they seems to be blinded to the maneuvering of these pro-Pakatan gang. A few even claimed credit to the yet confirmed departure of Zarinah from SC.

What la you all called her a witch la, gangster la...don't you think you all are being too much? Except for having a husband with dubious reputation, I don't think anyone has managed to pin any crime on the lady. Got evidence meh?

The pro-BN bloggers seems to also fail to see the whole thing as an attack against the country's capital market with the general election just around the corner. They know that Zarinah and SC are easy targets for those who want to undermine the BN government as these anti-BN elements know that no one from the other side will defend her and the organization she led. It is not that they have anything solid against Zarinah. All they have to do was played with the sentiments and blind hatred of those who are anti Zarinah and SC.

Ironically, Zarinah's difficulties with pro-BN people was also started by the scheming of these very same pro-Pakatan people. The most damaging was the ECM-Libra Avenue Capital issue. Who were the main players behind it? Well, if your memory is a bit shot, the answer is that, it is none other than the very same people relentlessly attacking Zarinah and SC today. Pro-BN people, why are you all now applauding them? Sheesh....now they are even making Najib looks like a fool by making it seems as if they can pre-empt what he is going to say with impunity....and with BN people cheering them on.

BTW, to you all pro-BN bloggers in KL, once again, I implore you, go and check la properly who is that person being bandied by Malaysian Insider as the replacement of Zarinah...I mean the non-Malay guy. I tell you, you won't believe one as I'm just a small time provincial blogger only.  See la, if after you all found out, whether you all will still be happy that Zarinah is on her way out.


Oh, also, I was told that Zarinah is really retiring at the end of her SC contract, but it is not because of Malaysian Insider or Singapore's Straits Times or the blogs. She just wants to retire, and that's all to it. You all don't believe me, go and check with her yourself la.

Two in One : SC and Medini (UPDATED)

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.



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.

Apparently pro-BN bloggers, who had all these while been hantaming Zarinah seems to have started rejoicing at the news. Here is Big Dog's take on it, Another one bites the dust.
Opening up the Pandora Box, you said Big Dog?
Well, I would not be too quick at being happy if I were you.

Then again, Big Dog and the gang probably do not really know who is this person Malaysian Insider said is going to be the real one in charge of SC after Zarinah is gone - Ranjit Ajit Singh.

Jahabar's source was quoted as saying, “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,”
Zarinah was both chairman of the commission and also head of the senior management in the SC.
I wonder, who is that Jahabar's source, who seems not totally happy about a non-Malay having only half of Zarinah's job after she stepped down.

Have the pro-BN bloggers ever wonder why the last three attacks on Zarinah and SC came from the pro-Pakatan Malaysian Insider and Singapore Straits Times?

Have they ever wonder where ST correspondent Leslie Lopez got his materials on SC from?

I smell something rotten all the way from the top-level of SC itself and all the way up to the MOF, causing those info leakages.

Then again a cat probably have a better sense of smell than a dog.


MEDINI

February 09, 2012

KUALA LUMPUR, Feb 9 — Khazanah Nasional Berhad yesterday denied allegations of questionable deals in the development of the ambitious multi-billion ringgit Medini integrated development in Johor. The questions were raised in two letters to the editor published in Utusan Malaysia and revolved around the decision of a Khazanah- and EPF-linked company to lease land to Middle Eastern investors in Medini in 2007 and the subsequent buy-back of the land by the state asset manager from the same investors — purportedly at a higher price just a few years later, enabling the investors to flip the land for a profit despite not having paid for it in full.
The letters also alleged the existence of a complex web of related party transactions, with the Khazanah subsidiary partnering with a foreign investor to lease Medini land to other Middle Eastern companies in which the same foreign investor has a stake.
Other allegations raised were that the Khazanah-linked company in charge of developing Medini had paid out massive dividends of RM475 million in 2008 despite facing cash flow issues, 25 per cent of which went to the foreign partner even though it did not deliver satisfactory results.
The company at the heart of the controversy is Iskandar Investment Berhad (IIB), in which Khazanah holds 60 per cent equity. The rest of the shares are held by EPF and Kumpulan Prasarana Rakyat Johor
IIB had partnered with UWI Capital Ltd, which is registered in the British Virgin Islands and an associate company of Dubai’s Jumeirah Capital, to created Medini Iskandar Malaysia Sdn Bhd (MIMSB). This was then tasked to develop Medini.
IIB has a 75 per cent stake in MIMSB with UWI Capital holding 25 per cent.
At the same time, IIB signed a deal worth US$1.2 billion (RM3.6 billion) with a consortium of Middle East entities led by Abu Dhabi based Mubadala Development Company and Kuwait Finance House (KFH) to develop Medini.
One of the letters claimed that the controlling stakeholder in UWI Capital also owned a 10 per cent stake in Mubadala and KFH, which allowed him or her to realise profit from both the seller (MIMSB) and the buyers (Mubadala and KFH), and questioned the wisdom of IIB partnering with the foreign entity.
Khazanah said in its statement that it was normal for investors in large scale projects to ask for land to be returned if the schemes failed to deliver the desired returns, adding that it was an important feature to attract first mover investors.
“It also gives flexibility to investors to change their commitment levels and appetite for investments for long-term projects like Medini, which will take 25 years,” said Khazanah.
Khazanah said UWI Capital was invited to help develop Medini based on their track record of structuring, promoting and large infrastructure projects in the Middle East.
The state asset manager said that UWI was asked to be an equity partner and was not just a land broker, and also entered the deal with land valued at RM10 psf (per sq foot) as compared with RM7.30 psf as valued by CH Williams Talhar and Wong in 2006.
Khazanah noted that the letter raised questions as to why it would deign to partner with a company that was registered in the British Virgin Islands as if such companies had something to hide, and said that registering in tax havens was standard practice for all serious investors, including Khazanah.
It also defended UWI, saying that the company only received a net dividend of RM43 million after reinvestment.
Khazanah said that a large part of the land that had been returned or bought back from the investors was later resold by IIB at a 23.7 per cent premium.
In December last year, Sunway Bhd teamed up with Khazanah to buy 276.4 hectares of land in Medini for RM745.3 million.
Khazanah added in its statement that as a result of the global financial crisis, IIB and MIMSB had chosen to restructure rather than postpone projects in Medini but the Middle East consortium remained investors.
Noting that the letters had called for tighter monitoring of Khazanah, the state investor said that it had always practised the highest standards in corporate governance, including the establishment of independent executive and audit committees.
IIB was also in the news last month when it was reported that a former senior vice-president of an IIB subsidiary pleaded guilty to soliciting for bribes related to the Iskandar Malaysia development project.
Mohd Amin Suhaimi, husband to former IIB chief executive Arlida Ariff, was also charged with three counts of soliciting and taking bribes from a construction company to secure a tender worth RM40.8 million to build a boarding school in Pulai.
Arlida, who was headhunted by Khazanah, was removed from her position in 2010 amid speculation of alleged irregularities in the award of infrastructure contracts.
Medini is a 2,230-acre international mixed-used development, which is one of the core components of the Iskandar Malaysia special development zone in south Johor.
Among the major projects in Medini are Legoland, which is slated to open later this year, and a RM3 billion iconic wellness township to be developed by E&O and Khazanah and Singapore’s Temasek.

I'm now going to sit back and see how this thing developed.....err, MACC boys and girls....do your job properly ya.....don't let me down, ok?

Innocent until proven guilty


When I was younger, I had always wanted to be a lawyer.

At that time, I had this idea that lawyers are a heroic bunch of people. Even wasted several years of my life in law school, trying to be one of them. Guess I watched too much court room drama movies la back then.

Anyway, while studying the law, I developed this habit of trying to understand people accused of wrongdoing. That's probably, because I had then wanted to be a barrister and go to court defending innocent people. Sounds so noble, unlike those glorified clerks whom they called conveyancing lawyers. Silly me....

Nonetheless, this habit of mine somehow had stuck till today. That is why one may find all these weird postings in this blog where I seemingly side with rather unpopular characters.

This was my second posting right after starting this blog about four months ago -
Is she really a crook?
It was about that lady, everyone seems to dislike - Zarinah Anwar of SC.
At the moment I wrote that posting, Zarinah was the punching bag of the day among the bloggers.



I read all those negative things about her and decided to try to know the woman. I mean the personal side of her.
I actually never met Zarinah.
What I found was that she is from a good family and her upbringing seems to be excellent. Her track records before she joined SC was similarly impeccable. In fact, after she joined SC, she was still doing well until those controversies hit her.

OK, the husband seems to be a bit of a shady character, but I kinda like Zarinah as a person. That is at least from what I found out about her.

I also think she is quite an elegant looking lady. In fact, when I am older, I hope I can look a bit like her.

I had not actually so much wanted to dispute the allegations against Zarinah, but merely feels that it was rather unfair to accuse her of this and that without knowing the human side of the lady. More importantly, I just don't want to swallow just any negative information about anyone without knowing a bit more about the person.

BTW, for the record, I personally think that Zarinah and her SC team did contribute to the fact that the country's capital market grew from a sheer water drop to over RM2 trillion in 2010.  Can't be all too bad, I think.

Then there were those postings about Johor MB Datuk Abdul Ghani Othman.
So many seems to prefer him to be replaced from his current post which got me a bit exasperated.

I know Ghani rather well, despite not being qualified to claim myself his friend. The man is good. I got no other simple word to describe him.

Ok, so he has been the MB for a long time, but does Johor really have a suitable candidate to replace him at the moment? I know, now I sound like a broken record.

Never mind, I now honestly hope that he retires or at least go to a Federal position after the coming general election. I think he doesn't have to continue to endure the bullshit that goes along with his current position. Nonetheless I really don't envy the person who is going to replace him as Johor MB. The job is simply not easy, that is, if it is to be done properly.

Fine, enough about Ghani. After all, I think I already wrote too much about him in previous postings.

I had also posted several other write-ups on persons and institutions not seems to be well liked such as Arlida Ariff and her IIB staff, the Chinese schools, and the latest, businessman Lim Kang Hoo and terror suspect Zulkifli Abdul Khir.

Whatever I wrote about them are my personal opinion based on whatever info I could find about them.

It amused me when some of the commentators accused me of being on the take for writing something neutral or a bit sympathetic about these people. Does it ever occurred to them that there are actually people who simply write because they like to write about a certain kind of subject?  That maybe they are not motivated by material gains?  That writing could possibly be a hobby for them, a creative and intellectually stimulating outlet for the curious mind?

Why must it always be that just because a person does not have any honour with a soul being corrupted with greed and envy that this person assumed everyone else is the same way?

How the "credible media" was manipulated - SC case

Singapore's Straits Times in a report today alleged that Securities Commission (SC) had failed to heed the recommendation of its own task force that Sime Darby Bhd was obliged to make a general offer for Eastern & Oriental (E&O) shares.
 
The report which would definitely put SC once again on a defensive mode was written by Straits Tmes' KL-based correspondent Leslie Lopez.

The first to pounce on the report was the pro-Pakatan Malaysian Insider (MI)

Excerpt of the MI story on Leslie Lopez's story (phiuh!) :

KUALA LUMPUR, Jan 30 — A Securities Commission (SC) task force found that Sime Darby Bhd was obliged to make a general offer for Eastern & Oriental (E&O) Bhd shares after acquiring a 30 per cent stake in the property developer but was superseded by the regulator’s top ruling authority.
Singapore’s The Straits Times reported 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 E&O managing director Datuk Terry 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 publicly-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.
But the SC’s final ruling three-member committee ruled “in a majority decision” there was no general offer obligation as Sime Darby and Tham were not acting in concert, according to an affidavit by the agency’s second-most senior commissioner Datuk Francis Tan, which was sighted by the Singapore daily.
The committee also accepted the task force’s recommendation that the three groups which sold the blocks of E&O shares to Sime Darby did not collectively control the company and that the disposal did not trigger a general offer.

Somehow this MI story never mentioned Leslie Lopez as the writer of the Straits Times' story.

Ok, those who are in the know among the media people in KL should know the connection between Leslie Lopez and the top people in MI and their financiers.

This gang are the same who desired the Sime Darby's GO of  E&O, but was thwarted when SC ruled that there was no need for such a thing.

If you say you don't know who are these people, let me put it in brief...they prospered during Pak Lah's time...and now itching to do anything to sabotage Najib and the BN government.

Now, how did Leslie Lopez got the story?....My not so intelligent guess is that he got someone who feed him the necessary info or idea of such info. My bet is, these are Malaysians and he/she/they are Insiders.

Got it or not? Nice game plan isn't it?

Why need to have the story in Straits Times first?

Because, everything which came from across the Causeway sound and smell more kosher, isn't it? No personal vested interest, isn't it? Like that lah, more credible.

MI can always claim it's just doing a follow-up of that story....of course with some spice and spin added.

The much maligned SC are now fending on its own.


Guess, even those Malaysian cyberspace patriots who normally will jump to defend a Malaysian institution from these sorts of attack will shy away due to past differences with the SC top dogs and cats.

To make matters even worst for SC was that it can't even defend itself properly because the matter is now pending in court. Leslie Lopez conveniently left out this court case part despite after the SC people had logically explained to him that they can't comment due to it.

He put it there in his report that SC simply refused to comment, thus making it sound as if the regulator was not at all transparent...and arrogant.

With the general election being near, I see this whole thing as an attack not only targetting to undermine SC for personal vested interests but more importantly it is also an attack against the country's economy as a whole by creating unease and lack of confidence in the Malaysian stock exchange.

ps. To SC people who are pro-Pakatan - stop being gullible. Your heroes and their cronies are attacking the organisation where you cari makan for your family. They don't care for you. They will use you, chew you up and when they have the power and don't need you anymore, they will spit you out.  It's happening already.

The big fishes are not just in the south la

Prominent blogger Rockybru seems quite confident about a Johor assemblman to be charged soon in connection with the IIB corruption matter.

This is his latest  posting -
Next change: A big fish in the South

Well, Rocky, if you are right, then things will really get very exciting. If the MACC boys go after that BN assemblyman, then definitely they will also have to go after some very funny characters in Khazanah too.

Don't tell me those Khazanah directors supervising IIB do not know what were going on?

Those IIB head honchos were after all appointed by the Khazanah BOD. Don't tell me they did not check the background of those they appointed to become head of IIB's major projects such as Medini?



 Eh, I would not have let those characters within 50 yards of my little piggy bank la.

I remember cringing when I found out about some of the appointments back then. Heard it caused the same effect on MB Datuk Abdul Ghani Othman too.  

Ok, who among you Khazanah directors and big time officials are golfing buddies of IIB people back then? Hah, you all think people don't know ka? Your laptops and Berries kena confiscated by the E&Y people or not back then?

You all think, people do not know the real reason why Azman Mokhtar had to send in the E&Y team ka? Well, definitely not because the Khazanah directors supervising IIB recommended it.

Back to the assemblyman said to be implicated by this IIB thing, well, his constituency is a major battle ground in Johor for the coming general election. The Pakatan people are gathering their forces there. If he is indeed going to be charged with something, then Datuk Ghani may have to adjust Johor BN's strategy. That will be a major headache, I think.

Really, if any Pakatan people say in my face that the latest round of crackdown against several BN people is just a political ploy, I think I will smack their mouth off. How can it be a ploy if you go and undermine your own people manning the most crucial constituency so near the general election ? Even if he is not to be charged, a suggestion of corruption against the assemblyman is enough to undermine BN in that constituency. So, people, get real lah.

P.S Irda people, see, this is what I meant by you all need to clean up your house. It started with bad running of the organisation, then hanky panky, then things blew up and get stinky and in the end the  BN State government people have to bear with the mess in the general election. Now you all got it or not? Want to lodge a police report against me some more....sheesh....

Porn, SC and crappy chief minister

Porn, SC and crappy chief minister

The past few days have not been so bad. Why? Few reasons -

1. Anwar's new porn video is out. Quite entertaining. Not the video la....it's actually entertaining just  to observe the BN and Pakatan people slugging it out. The Pakatan people are especially fantastic. The kind of defence they put up for Anwar could embarassed even the most crooked lawyers in the Bar Council roll.

2. Securties Commission told Sime Darby that it does not need to make a general offer for the shares in E&O. That effectively put Kali's gang off the track...for awhile I guess. It's good to know the regulator is functioning a it is supposed to be....even with Zarinah Anwar at its helm.

3. Johor is going to attract even more visitors soon....which probably makes Guan Eng looks even more like a spoilt brat Penang chief minister that he is for badmouthing the southern State. NST got a front page report today about the Pinewood studio, Premium Outlet and Legoland which are well on their way to turn Iskandar Malaysia into a premium leisure and entertainment centre. Honestly, I don't think even Dr Boo Cheng Hau, the Johor DAP chief likes Guan Eng that much after the slur in Singapore episode. Johoreans, irrespective of their political belief are mostly proud of their State.
Mole - Fair and lovely

Mole - Fair and lovely

Finally, a responsible news portal. The Mole is known to be not a fan of SC's Zarinah Anwar, yet this report by them seems fair to me. Check out the comment by Transparency International (Malaysia) president Datuk Paul Low that they included in the report.

Here is The Mole's report (taken without permission). 

KUALA LUMPUR - Whilst the investigation on the Sime Darby Bhd and Eastern & Oriental Bhd acquisition is still ongoing and being handled by the Securities Commission’s commissioners, many question the fact that the SC's chairman, Tan Sri Zarinah Anwar, is still running the show as usual.

Blogger ciceromalaysia highlighted this point recently in his blog, questioning why Zarinah has not taken a leave of absence while the probe is taking place.

The blogger’s contention is that, apart from the commissioners who are handling the investigation being Zarinah’s subordinates, the involvement of her husband, the chairman of E&O, Datuk Azizan Abdul Rahman, will likely be a part of the investigation as well. Hence, it is a conflict of interest for Zarinah to continue to be at the helm of the commission while the investigation is taking place.

It was also pointed out in the blog that the SC should instead investigate whether there was any kind of insider trading because it was understood that Azizan had bought shares way before the acquisition was announced.

The Mole sent an email to the Securities Commission to find out whether the blogger’s report is something that could be considered.

We were asked to refer to a general press release, dated September 12, on the investigation of Sime Darby and E&O. Click here for the press release.

Asked when the investigation would be completed, an SC spokesman said it is not known but the SC will make an announcement once it is done.

The Mole also contacted former KLSE president Datuk Salleh Majid, who questions why the investigation is not being done independently.

He said it is only fair for the investigation to be done by an independent body. He cited firms such as Ernst and Young as well as PricewaterhouseCoopers which may be able to investigate insider trading.

He also said the commissioners who are handling the investigation are Zarinah’s subordinates, therefore it is fair to get an independent body on this matter.

Meanwhile, Transparency International (Malaysia) president Datuk Paul Low said that there is no need for Zarinah to take a leave of absence while the investigation is taking place.

He said Zarinah has other things to do and as the chairman she still needs to be there.
“The Sime Darby and E&O case is not the only one that SC is dealing with right now,” he said.

“She had recused herself and I think that is sufficient, as long as she is not part of the investigating body then there shouldn’t be a problem.”

Asked whether there will be a conflict of interest if Zarinah is still around knowing that her husband is part of the investigation, Low said that as long as the SC can deal with this fairly, and as long as Zarinah is not involved in the decision-making, the investigation should continue normally.

Commenting on the need to have an independent body investigate instead of the SC, Low said it is the SC’s job as the regulator to look into matters like this and there should not be any independent body.

“It is SC’s job as the regulator, let the commissioners do their job,” said Low.

It was reported that the probe into Sime Darby Bhd's acquisition of a 30% stake in property developer Eastern & Oriental Bhd (E&O) will be revealed once it is completed.

Zarinah's husband Datuk Azizan Abdul Rahman is the chairman of E&O. Azizan accumulated some 450,000 shares in the company between April and August this year.
Lets be fair

Lets be fair

People may not be able to be fair to SC's Zarinah Anwar probably just because her husband is an alleged crook, but I hope they can at least be fair to her team who scored quite a success today.
Here is the story :


Two former directors sentenced to jail and fined for CBT

The Kuala Lumpur Sessions Court today found two former directors of Multicode Electronics Industries (M) Berhad, guilty of committing criminal breach of trust under section 409 of the Penal Code involving over RM26 million of funds belonging to the company.

Gordon Toh Chun Toh was sentenced to 12 years imprisonment while Dato’ Abul Hassan bin Mohamed Rashid received a jail sentence of six years. Gordon Toh, a Singaporean, was also ordered to pay a fine of RM1 million, in default two years imprisonment.

In passing the sentence, Judge Dato’ Jagjit Singh said “A pre-meditated white collar scandal executed with precision within T+3 is how I would sum up the whole case”.  He emphasized that the sentence must send a strong message to offenders and would-be offenders that crime does not pay.  He also pointed out that the victim, Multicode, is a public listed company which lost millions as a result, causing its public shareholders to suffer as well.  He said that for the business and commercial sector to flourish, the corporate environment must be free of white collar crimes.

Gordon and Dato’ Abul Hassan were charged in the Sessions Court in Kuala Lumpur in March 2009 with having engaged in an act which operated as a fraud on Multicode by causing the uplifting of fixed deposits belonging to Multicode under section 87A of the Securities Industry Act 1983.  An alternative charge of CBT was preferred at the same time under section 409 of the Penal Code.  The Prosecution called a total of 31 witnesses over the period of the trial.

Joshua Kevin represented Toh while Ng Aik Guan for Abu Hassan.
In mitigation, Toh said he suffers from cancer while Abul Hassan said he has heart ailment.
Deputy Public Prosecuter from Securities Commission Shanti Geoffray called on the Court to pass a sentence suitable for the severity of offence and public's interest.

Now, this guy I am sure is a crook


I am not sure that Zarinah Anwar of SC is a crook because there is no evidence to convict her as a crook yet. To me, the fact that she is married to an alleged crook does not makes her a crook. We need evidence before we condemned someone. To make it simple, lets put it this way - an Umno man should not be deemed as a traitor among his peers just because he is in love with a DAP girl. Similarly, a policeman should not be judged as a criminal just because his wife is running an illegal gambling den without his knowledge. Now, those who thinks Zarinah is a crook, please do lodge a police or MACC report. Once the evidence are presented and accepted by the court, u all do go ahead and lynch her. Otherwise, I think you all are being unfair.

Now as of why I am so sure that Mat Sabu is a crook - the evidence is there for all to see. Just watch this video and I rest my case.
And in remembrance of those he denigrated
  .

Is she really a crook?


I have to admit that I know nuts about the financial market or the mechanism which control it. So when the Securities Commission or rather its chairman Zarinah Anwar came under relentless attack by bloggers and also the MSM over her husband's wheelings and dealings, I decided to do a bit of checking..It's now more than two weeks since the attack begins and it is yet to show any sign of abateing. Except for some obscure financial bloggers who defended her track record, Zarinah has been portrayed by all sides (pro-government and anti-government) as a really evil person in cohort with her husband in plundering the people's money.  Even Mat Sabu of the communist fame got more backers than her.

  Are all the accusations against Zarinah true? Admittedly, I am not sure.

I tried to find out more about Zarinah and found that she has always been very professional since way back then when she was with the AG's Chamber, and also while with Shell Malaysia, before being asked by the then PM Tun Dr Mahathir Mohamad to bolster SC. Her performance at SC has been good. It was however later on tainted by the ECM Libra-Avenue Capital saga and the alleged Kenmark mishandling of journalists issue. She survived those but made a lot more enemies adding to the long list she already accumulated from her iron lady approach in handling the regulatory body.
  As for now, I guess everyone have already made up their mind what they think of Zarinah, thus I was rather more inclined to find out more the human interest side of her story. Unfortunately, I can't find much as she is not the fame-seeker type like her sister Zainah Anwar of Sisters in Islam.

   This is her profile as given by the Malaysian Accounting Standard Board :

Tan Sri Zarinah Anwar is the Chairman of the Securities Commission Malaysia (SC) since 1 April 2006.  She had served as the Deputy Chief Executive of the SC and member of the Commission since 1 December 2001.  Tan Sri Zarinah is also the Vice Chairman of the Emerging Markets Committee of IOSCO and represents the Committee on the International Financial Reporting Standards (IFRS) Foundation Monitoring Board.  Tan Sri Zarinah currently chairs the Malaysian Venture Capital Development Council (MVCDC) and the Capital Market Development Fund (CMDF).  She is also the Vice Chairman of the Asian Institute of Finance Malaysia (AIF).
In addition, Tan Sri Zarinah is a member of the Labuan Offshore Financial Services Authority (LOFSA), the Financial Reporting Foundation (FRF), Malaysia International Islamic Financial Centre (MIFC), and the board of directors of the Institut Integriti Malaysia (IIM).
Prior to joining the SC, Tan Sri Zarinah was the Deputy Chairman of Shell Malaysia.  She graduated with an LLB (Hons) from the University of Malaya.


  The more interesting  nuggets I found out while searching about Zarinah was however the story about her family, in particular her father  Tan Sri Haji Anwar bin Abdul Malik, who was credited as the man who gave the United Malays National Organisation or UMNO its name – initially United Malays Organisation.
It was at a meeting in Batu Pahat when Anwar, considered to be one of  the seven Umno founders from Johor Baru met Datuk Onn Jaafar to call for a unification of all the Malay nationalist groups following the introduction of Malayan Union by the British.
Anwar was Datuk Onn’s private secretary when the later was Johor Menteri Besar.
Zarinah and her siblings also have familial ties with other prominent Umno families.
Zarinah's step-sister Marinah Anwar for instance has her daughter married to Mokhzani Mahathir.




 Family photo of Zarinah when she was a little girl. Guess who among the little girls is she?
Zarinah's dad being feted by Umno leaders. The photo was taken at the residence of  Johor MB Datuk Abdul Ghani Othman who seems to look quite funny here. The guy standing next to the wheelchair need no introduction I think.
Zarinah in action on one of her better PR days.

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