Legal
Malaysian Regulator Revokes SJAM's License
The
Securities Commission Malaysia has revoked the license of
SJ Asset Management after being found guilty of breaching
regulatory guidelines.
SJAM had been found to have engaged in "deceitful and improper
business practices" and had produced false and misleading
information and documents to the regulator. The SC said in a
statement that it is working closely with the police and its
regulatory counterparts in other countries as part of its
inquiry.
On 27 July 2010, it issued a petition to the High Court for the
winding up of SJAM.
Datuk Gan Ah Tee and
Mok Chew of
BDO Governance Advisory have been appointed as provisional
liquidators pending a decision from the High Court.