Non-bumi to head securities regulator

"Ms Zarinah had explained to staff in an internal memo that was leaked that it was 'just part of his normal acquisition, with all purchases made in the open and duly reported to Bursa'. The memo added: 'Naturally, he had no knowledge of the Sime Darby purchase at the time as this is a sale by the major shareholders and the board was not told of the negotiations until later.'

This email did not make matters better. It could be perceived as influencing the outcome of investigations that were (and still are) ongoing

"she had been credited with 'establishing a robust regulatory and governance framework which has contributed to the growth of the market, and investing resources in building regulatory capacity'."

I agree that there has clear progress at the SC during her leadership. Unfortunately, the recent controversies will overshadow that (partly).


From The Business Times (Singapore), by Pauline Ng


MALAYSIAN Prime Minister Najib Razak has appointed Ranjit Ajit Singh as the new Securities Commission (SC) chairman succeeding Zarinah Anwar, effective April 1.

Ms Zarinah: The outgoing chairman has been in a difficult position recently despite her achievements over the last six years

Currently one of the SC's two managing directors - the other being Nik Ramlah Mahmood, who was appointed deputy chief executive - Mr Singh is the first non-bumiputra to head the regulatory body since it was established in 1993.

Ms Nik Ramlah is a lawyer by training and has served the SC for over 18 years; she is also the executive director of enforcement.

The appointments by Mr Najib, who is also finance minister, comes after weeks of industry speculation that Ms Zarinah would not be staying on after six years at the SC - including two one-year extensions - because of the recent controversy concerning Sime Darby's acquisition of a 30 per cent stake in E&O from its three biggest shareholders including GK Goh Holdings.

Minorities were unhappy that the conglomerate had not included them in its offer and one shareholder, Michael Chow Keat Thye, has brought a legal suit against the commission to overturn the offer waiver accorded to Sime.

Moreover, filings to the exchange also showed that Ms Zarinah's husband Azizan Abdul Rahman - E&O chairman and shareholder since 2002 - had raised his stake in the developer prior to Sime's offer.
Ms Zarinah had explained to staff in an internal memo that was leaked that it was 'just part of his normal acquisition, with all purchases made in the open and duly reported to Bursa'.

The memo added: 'Naturally, he had no knowledge of the Sime Darby purchase at the time as this is a sale by the major shareholders and the board was not told of the negotiations until later.'

Her explanation notwithstanding, she was put in a difficult position despite her previous achievements at the SC, where she had been credited with 'establishing a robust regulatory and governance framework which has contributed to the growth of the market, and investing resources in building regulatory capacity'.

Industry players believe Mr Singh to be a suitable successor. A financial economist and accountant, he has served the SC since 1994 in a number of areas including supervision and market oversight (where he is currently executive director), strategy and risk management, financial policy and economics.

The country's biggest Indian political party - the Malaysian Indian Congress (MIC) - was particularly pleased with Mr Singh's elevation as there had been concerns that he might not get the promotion, ostensibly because of the government's well-known pro-bumiputra policies.

In Mr Najib's tenure, however, more non-bumiputras have been promoted to head government departments and institutions as well as appointed to the boards of state-linked companies, including Petronas.