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Malaysian Regulator Revokes SJAM's License

Vanessa Doctor

1 August 2010

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.