Concerned citizens lodge MACC report alleging wrongdoings by SC officials, MACC studying NGO report

 Group alleges corrupt practices by top Securities Commission (SC) officials

Potential probe ahead: A view of the SC building in Kuala Lumpur. Rakyat Malaysia Prihatin has cited three cases of alleged wrongdoing by high-ranking SC officials.

PETALING JAYA: A group has come forward to lodge a report with the Malaysian Anti-Corruption Commission (MACC) alleging corrupt practices by high-ranking Securities Commission (SC) officials.

` The non-governmental organisation calling itself Rakyat Malaysia Prihatin claimed to have evidence of alleged wrongdoings that also involved politicians holding top government posts.

` “I want the MACC to investigate this matter immediately. We do not want the integrity and image of the SC to be tarnished due to such cases,” an unnamed representative of the group told Utusan Malaysia after lodging the report with MACC in Putrajaya at about 4.30pm on Sunday (Jan 9).

` The representative cited three cases, the first involving a relative of a senior SC management official who was allegedly given a top post in a company.

` The company in question was being investigated by the SC with the appointment being an alleged inducement to cover up the company’s wrongdoings.

` “There is also a case involving conflict of interest, where a SC board member is alleged to be holding shares worth RM28.2mil in a company which has a working relationship with the commission.

` “The third case involves high-ranking SC officials taking bribes to close cases involving insider trading by public-listed companies,” the representative claimed.

` The group said it was acting as "concerned rakyat" who wanted to ensure that government agencies are clean and not corruptly used for personal gain.

` It then added that it would provide the MACC with proof of the wrongdoings once investigations begin.

 Source link

 

MACC studying NGO report

`

PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) is going through a report lodged by a non-governmental organisation against the Securities Commission (SC).A senior official confirmed that the report was lodged on Sunday by a group calling itself Rakyat Malaysia Prihatin.

` The NGO has alleged that there are corrupt practices by high-ranking SC officials.

` It also claimed to have evidence of alleged wrongdoings that involved politicians holding top government posts.

` “Yes, we have received the report. MACC officers are going through it before we decide to open investigation papers or not,” said the official when contacted.

` This, the official added, was the procedure each time a report was lodged.

` To a question, the official said it was not unusual to have people wanting to lodge reports to MACC on weekends or public holidays.

` “It has been done before. We have officers on standby 24 hours a day, seven days a week,” said the official.Several attempts were made to contact the NGO members for comment yesterday.The Star managed to get hold of the contact number of its representative, but the phone was answered by a person who claimed that he was not the person this reporter was looking for.

` On Sunday night, Utusan Malaysia reported about the NGO going to the MACC.“I want the MACC to investigate this matter immediately. We do not want the integrity and image of the SC to be tarnished due to such cases,” an unnamed representative of the group was quoted as saying after lodging the report with MACC in Putrajaya at about 4.30pm on Sunday.

` He cited three cases, the first involving a relative of a senior SC management official who was allegedly given a top post in a company.

` The company in question was being investigated by the SC with the appointment being an alleged inducement to cover up the company’s wrongdoings.

` “There is also a case involving conflict of interest, where a SC board member is alleged to be holding shares worth RM28.2mil in a company which has a working relationship with the commission.

` “The third case involves high- ranking SC

`officials taking bribes to close cases involving insider trading by public-listed companies,” the representative claimed. The group said it was acting as “concerned rakyat” who wanted to ensure that government agencies were clean and not used for personal gain.It also said it would provide the MACC with proof of the wrongdoings once investigations began.

` Source link

Related stories:

Muhyiddin: Azam’s appointment followed procedure

When whistleblower protection doesn’t apply

 

Related posts:

Core of corruption, anti-corruption agency corrupt?

Who watches the watchers? The country’s anti-corruption agency has taken a battering of late with some..

Malaysian Securities Commission to weed out virtual scams

 

 

SC to regulate digital assets

 

Guidance on Cryptocurrency investments, Digital asset exchanges cintinue to thrive in Malaysia

Guidance on Cryptocurrency investments, Digital asset exchanges cintinue to thrive in Malaysia

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

  

 Dr Tan says the forum is meant to assist the public with the best investment strategy

 Guidance on investments

Experts to speak on  Cryptocurrency at online forum on Nov 6

TWO experienced financial professionals will share their thoughts and analyses at the ‘Investment and Cryptocurrency’ online forum on Nov 6, 2021.

One of them is German-born Mustafa Aydemir who is a senior investment analyst at Saturna Fund Management Company.

He is one of the fund managers licensed by the Securities Commission Malaysia.

Besides being familiar with conventional financial investment, he is also good at Islamic financial investment.

Another speaker is Edgar ‘Jobe’ Gasper, the chief operating officer of SINEGY involved in digital asset trading, which is legal and approved by the Securities Commission Malaysia.

He has extensive practical experience in digital transactions, blockchain technology and cryptocurrency mining operations.

Both of them will conduct in-depth sharing of investment knowledge at the online forum organised by the Malaysian Financial Planning Council (MFPC) Penang Chapter from 9.30am to noon.

MFPC Penang Chapter chairman Dr Tan Chuan Hong said the forum was meant to assist the general public and retail investors to ride out the pandemic crisis with the best investment strategy.

Citing a report from the Malaysian Institute of Economic Research, he said the Government had been utilising large-scale borrowing to assist civilians and small medium enterprises as well as boost the economy since the country was hit by the Covid-19 pandemic almost two years ago.

“This has resulted in a rising debt ratio.

“Up to June this year, the debt ratio exceeded the statutory 60%, reaching 61.1%.

“This has created a lot of concern on whether Malaysia can rapidly recover from this economic crisis.

“Can our stock market this year perform like it did last year when it soared by more than 10% again in just two months? Or is it the end of the bear market?

“To make wise investment decisions, investors need time to collect and analyse the information cautiously,” he said.

Dr Tan said that many still needed more proper education about cryptocurrency investment.

He said many Malaysians had been scammed and lost their money due to inaccurate information obtained online.

“Cryptocurrency investment is originally a high-risk and high-return investment tool.

“Therefore, investors who are blinded by greed for high returns often suffered huge losses,” he said.

On the same day, MFPC executive director Chung Kar Yin, Universiti Sains Malaysia School of Management dean Prof Dr Noor Hazlina Ahmad and Tunku Abdul Rahman College Penang Branch Campus head Assoc Prof Dr Toh Guat Guan will also hold a brief sharing session.

Participants have to fill in the online evaluation form after the session to obtain a certificate of participation and 3CPDs.

Those interested can register online for free.

The public registration link is https://1st.mfpc.org.my/PublicEventRegistration/302 and the MFPC members registration link is https://1st.mfpc.org.my/.

Source link

Digital asset exchanges continue to thrive

 About 300,000 new accounts created to date

KUALA LUMPUR: Despite market uncertainties following the Covid-19 pandemic, about RM16bil worth of digital assets and cryptocurrencies have been traded in Malaysia between October 2019 and September 2021.

Securities Commission (SC) chairman Datuk Syed Zaid Albar said digital asset exchanges in the country would continue to thrive this year, with about 300,000 new accounts created to date.

“Investor participation in alternative and digital platforms continues to be robust. New digital investment management (DIM) entrants have contributed to the segment’s assets under management growth.

“In fact, compared to last year, our eight licensed DIM holders have opened 90% more DIM accounts from January to July this year,” he said at the SCxSC Fintech Conference 2021.

In addition, Syed Zaid said the increased demand for online brokerage services resulted in close to 35% increase in new accounts opened as of July 2021.

Given the positive developments, he expects the industry to maintain the encouraging growth performance this year.

Meanwhile, Syed Zaid disclosed that equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms have raised about RM1.3bil since April last year, given the funding needs of micro, small and medium enterprises (MSMEs).

Citing data, he said about RM625mil funds were raised through ECF and P2P in the first half of this year, an increase of 151% and 220%, respectively, from a year ago.

Both platforms attracted young investors, with 60% of participants aged below 35.

Since their inception, 21 ECF and P2P financing platforms have raised about RM2.2bil for nearly 4,000 MSMEs.

Moving forward, the SC said fintech could be the crucial enabler in helping the country to recover as the pandemic had an adverse impact on businesses.

“The SC would seek to drive greater adoption of digital capability to enhance capital formation efficiencies and increase investor participation in the capital market,” added the regulator. 

Source link

 Related:

 

Mnuchin is investing in blockchain – not crypto | The Star

https://www.thestar.com.my/business/business-news/2021/10/21/mnuchin-is-investing-in-blockchain---not-crypto

Related posts:

 

Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist

 

 

Blockchain Festival & Conference Week, Kuala Lumpur 26~27 Sept 2018

 

Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

 

President Xi’s Blockchain Push Triggers Frenzy in China Technology Stocks

Bitcoins, Cryptocurrencies under fire

 

Bitcoins

 India and China come down hard due to concerns of financial market stability, illegal fundraising

N THE latest twist involving the world of cryptocurrencies, India’s government plans to impose a massive ban on the asset class.

Reports have indicated that the Indian government plans to pass a bill that would ban just about every activity involving cryptocurrencies, including the possession, issuance, mining, trading and the transferring of crypto-assets.

Once passed, this would make it one of the world’s strictest policies on cryptocurrencies. Government officials have said that the move is because they believe cryptocurrencies threaten the stability of financial markets, tend to fund unlawful activities and even resemble ponzi schemes.

The move by the Indian government falls in line with the school of thought that cryptocurrencies could increasingly suffer bans by governments around the world.

In India’s case, the move comes after an earlier ban two years ago. But last year, the courts in India overturned the decision, citing the ban as “disproportionate” after cryptocurrency exchanges filed a lawsuit against the central bank’s ban.

The strong stance against cryptocurrencies has also been shown by China’s government. More than three years ago, China was the first country to ban initial coin offerings (ICOs), calling it “illegal fundraising”.

Since then, the Chinese government has accelerated efforts to clamp down all businesses involved in cryptocurrency operations, including bitcoin miners.

China’s government says its stance is based on investor protection, money laundering concerns and the unnecessary consumption of energy due to crypto mining activities.

Last month alone, there were plans to ban new cryptocurrency mining projects and shut down existing ones in China’s Inner Mongolia region.

As one financial analyst puts it, “the problem with cryptocurrencies is that while it thrives to work in an unregulated world, it is bound to come under the scrutiny and regulation of governments, which are mostly afraid of its misuse and potential negative impact to financial markets. Perhaps somewhere in the future, a balance will be struck but that is anyone’s guess”.

While governments have a tendency to ban cryptocurrencies, many are embracing blockchain technology with the intention of issuing state-backed digital currencies.

This is essentially an electronic version of notes or coins which would replace physical cash entirely and dubbed central bank digital currencies or CBDC.

China is one of the leading countries for this and has already passed a law to legalise its own official digital currency. Similarly, India is an example of another country that is considering having its own digital currency. Interestingly, India’s move to pass the bill to ban cryptocurrencies comes soon after the mother of all cryptos, namely, bitcoin has hit its all-time high past US$60,000 (RM246,449) for the first time earlier this week.

The world’s biggest currency rally was driven by speculative demand, increased adoption by firms and institutional investors that see bitcoin as a store of value. Last month, Tesla bought over a billion dollars worth of bitcoins.

The electric car maker said it plans to accept the digital coin as payment for its products. Mastercard has also said it would also soon accept bitcoin as a form of payment.

Asset manager BlackRock and payment companies Paypal and Square have also recently backed cryptocurrencies.

Back home, the question remains whether the government, central bank or the Securities Commission (SC) would take a stronger stance against cryptocurrencies.

Malaysia’s regulators have held the view that digital assets are not legal tender and have warned investors to be cautious when dealing with cryptocurrencies.

SC chairman Datuk Syed Zaid Albar tells StarBizWeek that “investors must understand that unregulated, offshore investments are not protected under Malaysian securities law”.

“The SC has put in place a regulatory framework for such new emerging investment channels to provide certainty to issuers and investors who are keen to explore these new instruments.

“For example, our regulatory framework has tried to address issues such as putting investors’ money in trust accounts, accurate disclosures, cooling-off periods and conflict of interest situations are also regulated, ” Syed Zaid explains.

The country’s central bank, Bank Negara, also echoes a similar view, explaining that digital assets lack the characteristics of money and suffer from several limitations such as price volatility and risks of cyber threats.

“Digital asset activities are also subject to anti-money laundering and counter-terrorism financing regulations administered by the respective authorities, ” the central bank reported in its annual report in 2019.

Malaysia is also one of the countries studying the feasibility of issuing its own digital currency. “The bank is no exception, and we continue to engage closely in discussions surrounding CBDC with other central banks, ” it said.

More collaborations among central banks around the world are taking place to study the impact of a digital currency for financial stability and the monetary policy of a country.

Thailand's central bank plans stablescoins regulations this year

India to propose cryptocurrency ban, penalising miners...

 Source link

 

Related posts:

 

Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist

 

China gets into blockchain race with US

 

China's new digital currency

 

 On Mcoin, Bitcoin and points of investment 

 

 Bitcoin: Utter pipedream

 

Blockchain Festival & Conference Week, Kuala Lumpur 26~27 Sept 2018

 

SC to regulate digital assets

 

Bitcoin, digital currencies rally, caution prevails; virtual currency in property 

 

Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

 

What is Blockchain Technology, its uses and applications?

 

JPMorgan CEO warns he will fire any employee trading Bitcoin for being “stupid.”

 

 Environmental impact of cryptocurrency

 

Bitcoin falls after exchange is hacked, US$72 mil stolen from Bitfinex exchange in HK

Corporate Lawyer charged with inside trading

KUALA LUMPUR: A corporate lawyer involved in almost all major corporate deals in the country has been charged in the Sessions Court here with seven counts of insider trading involving Sime Darby, UEM, VADS and Maxis shares.

Datuk E. Sreesanthan,(pix), 52, who has been practising for more than two decades, is the second high-profile figure to be charged this week after Datuk Seri Ahmad Zubair Murshid, who was brought to court by the Malaysian Anti-Corruption Commission.

Zubair, the former Sime Darby Bhd president and group chief executive officer, was charged on July 17 with two counts of committing criminal breach of trust over land in Sarawak, incurring losses of over RM100mil.

Sreesanthan appeared calm while sitting outside the courtroom on Friday for about 30 minutes before Securities Commission (SC) prosecutors determined which court to charge him in.

The lawyer, who was dressed in a black suit and checked shirt, claimed trial to the seven charges, read as three different cases to reflect the different shares involved and time frame in which they were alleged to have been committed.

Sreesanthan is accused of buying shares while in possession of information that was not generally available, which on becoming generally available, a reasonable person would expect to have a material effect on the price and value.

He allegedly bought the shares using insider information, which would have given him the benefit that the share price would change before that information became public.

The alleged offences occurred at Bursa Malaysia Securities Berhad, at Bukit Kewangan here between Oct 9, 2006 and April 27, 2008.

Under the first three charges, Sreesanthan is alleged to gave acquired 75,000 units of Sime Darby Berhad shares while in possession of insider information on the proposed acquisition of several real estate and plantation companies by Synergy Drive Sdn Bhd between Oct 9 and Nov 12, 2006.

In the next two charges, he is accused of insider information involving 250,000 units of Maxis Communication Bhd shares on the proposed conditional take-over by Binariang GSM Sdn Bhd to acquire all the voting shares in Maxis and Maxis' proposed privatisation between April 25 and 27, 2007.

Under the sixth and seventh charges, he is accused of buying 200,000 units of UEM World Berhad and 100,000 units of VADS Berhad shares while in possession of insider information on Feb 13 and Sep 18, 2008, respectively.

If convicted under the Securities Industry Act 1983 and Capital Market and Services Act 2007, Sreesanthan could be fined a minimum of RM1mil and jailed up to 10 years.

SC prosecutor DPP Rosmawar Rozain said the offences were non-bailable but urged the court to set it at RM500,000 for each case if it used its discretion to offer bail.

“The investigation into the case has taken some time and expense,” said Rosmawar, adding it was a serious offence and that the court should force Sreesanthan to surrender his passport.

Counsel M. Puravalen said the prosecution had not put forward any factor that his client was a possible flight risk.

He said his client was a family man holding a steady job in his law firm, and had been practising law for 23 years.

“The bail amount should not be excessive,” said Puravalen, who proposed bail be set at RM50,000 for each case.

The prosecution applied for a joint trial of the three cases but the defence asked for a deferred decision as it had not received instructions from Sreesanthan.

Sessions judge Jagjit Singh set bail at RM300,000 for all the charges and ordered Sreesanthan to surrender his passport.

He fixed Sept 20 for case management in three separate courts.

By QISHIN TARIQ The Star 21 July 2012