Politics

Malaysia Chronicle

Lim Guan Eng says the government must act swiftly to reassure investors on Malaysia’s capital market being transparent and free from political interference.

PETALING JAYA: Prime Minister Ismail Sabri Yaakob and Attorney-General (AG) Idrus Harun must explain the resignation of the Securities Commission (SC) executive chairman, which was announced today, DAP chairman Lim Guan Eng said.

The finance ministry announced earlier today that Syed Zaid Albar had tendered his resignation and his last day on the job would be on May 31.

The ministry then said it had appointed Awang Adek Hussin to serve as the next SC executive chairman from June 1 to May 31, 2025.

“Both the prime minister and the AG must give a full explanation on Syed Zaid’s shock resignation and his immediate replacement with an Umno man,” Lim said in a statement.

He added that the government must act swiftly to reassure investors that Malaysia’s capital market was not run for the benefit of vested interests but professionally, competently with transparency and respect for the rule of law, and free from political interference.

The former finance minister said Syed Zaid’s resignation was reported to be linked to clashes with the AG’s decision to withdraw criminal charges against oil and gas services company Serba Dinamik Holdings Bhd and several of its senior executives.

On Sunday, it was reported that the SC had lodged a police report against Serba Dinamik over allegations that the commission had acted in bad faith and did not follow procedures in discharging its duties.

It said the contents of Serba Dinamik’s announcement may have had the effect of misleading or confusing the public and/or painting the SC and its officers in a negative light.

Earlier this month, the SC imposed a maximum compound of RM3 million each against Serba Dinamik, its chief executive officer, executive director, and two officers for submitting a false financial statement to Bursa Malaysia.

However, Serba Dinamik questioned the SC’s motive in pressing charges against it.

Following Serba Dinamik’s representation to the Attorney-General’s Chambers, the AG had on April 7 agreed for all the charges to be compounded.

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