Will SC's interrogating goons dare harm "Mrs" Zarinah?

The exchanges at Securities Commission interrogation yesterday became more nasty despite report of denial in The Star yesterday. Apa pasal The Star baik sangat ni ... boycott and black them out la.

In his posting "Power Corrupts Zarinah", Rocky Bru described the harrasment by SC below:

The SC's investigation officers are running amok. Yesterday, at the end of a 3-hour session with BK Sidhu, the Star journalist, the attending IO named Arif demanded that Sidhu surrender her notes to him. Sidhu had been taking notes of the Q & A, perhaps out of habit or maybe to ensure against being misquoted. She refused to hand over her notes, of course. Arif then told the lawyer representing Sidhu and The Star, Mr Tharminder Singh, to sign a statement of the proceedings. Tharminder, I was told, refused to do so because he was there just as an observer. He had been told earlier to sit quietly in the Q & A room and not to offer any advice to Sidhu. He offered no advice to his client, whatsoever, even when Sidhu refused to give up her notes to Arif.

That was when the SC's officer issues a notice under this powerful Section 134 to Mr Singh, which would compel the lawyer to come back tomorrow (Thursday) to face the SC's "firing squad".

The Star wrote to SC yesterday advising it to withdraw the notice issued to Mr Singh, or face legal action.

That is how mean SC's young punk investigators are. It seems they are ready to abuse the SC Act according to their own interpretation without applying good judgement.

Don't they realised that they are hustling the messenger and not the culprit?

The rate they are flexing their power with such gangsterly behaviour may get Rocky's posting title misinterpreted. Some time back, Zarinah almost sue him. Never underestimate a woman's revenge.

Before SC flex their muscle again, let me substantiate his posting's title. In my earlier posting here, I had recalled past indiscretion by SC. I have taken the liberty to compile the profile of "Mrs" Zarinah, Dato Azizan Abdul Rahman and spot few questions on the "Mrs."

Did SC realised there are many conflict of interests? Did they spot any infringement and links in certain corporate transactions? If they had realised it, would they ever investigate Azizan? Would they dare throw the Section 134 SC Act 1993 at him?

"Mrs" Zarinah's Profile

Brief extracted from Apex Securities and edited with additional information:

Dato' Azizan Bin Abdul Rahman, DMSM started his career as a Shipping Executive at Harper Gilfillan (M) Sdn Bhd after graduating from University of Malaya in 1973 with a degree in Bachelor of Arts in International Relations.

In 1975, he joined Pernas MISC Shipping Agencies Sdn Bhd and first served as Branch Manager in the new Johor port. He served as Penang Branch Manager and Marketing Manager of Malaysian International Shipping Corporation (MISC) since 1980. In 1981, he was attached to Panocean Limited in London as their Chartering Manager.

YBhg. Datuk left MISC in 1982 and joined JF Apex Securities Berhad as Director and launched his career in stock broking industry. He was Director of Apex Securities Sdn Bhd from 1982 to 1985 and Apex Holding since 1990. He had served as CHiarman of Apex Holding.

At Apex, he was responsible in restructuring TSH Resources Bhd, to become a more institutional based broking firm and subsequently brought in Jardine Flemings Ltd. of Hong Kong as a Strategic Partner in it. He left JF Apex in 1995 to pursue his private business but remained as a Director of Apex Equity Holdings Berhad.

Other sources listed his Board and Committee Memberships as below:

• YBhg Datuk Azizan bin Abdul Rahman joined MBF as a Director of MBF Corp. Bhd from September 5, 2000 till January 5, 2007. He served as a Managing Director of MBF Corp. Bhd (formerly, MBF Capital Berhad) from August 1, 2001 to December 1, 2003. He served as an Independent Non-Executive Chairman of MBF Corp. Bhd from March 8, 2006 to January 5, 2007. He served as a Non-Independent and Non-Executive Director of MBF Holdings Bhd since September 2, 2003 and its Executive Director from August 1, 2000 to September 2, 2003. He was Director of QBE-MBF Insurans Bhd (formerly known as QBE Insurance (Malaysia) Bhd) March 3, 2003.
• He has been the Chairman of Eastern & Oriental Bhd since November 6, 2003.
• He was the President of The Stockbrokers Association. He was the Chairman of the Association of Stockbroking Companies of Malaysia from 1994 to 1995. He was an active Member of the stockbrokers fraternity.
• He has been the Non Executive Chairman of Ramunia Holdings Bhd since June 2009.
• YBhg Datuk bin Abdul Rahman has been the Chairman of the Board of Gefung Holdings Bhd since December 1, 2006.
• He has been the Chairman of Isyoda Corp. Bhd since April 18, 2007.
• He served as Independent Non Executive Chairman of Ayer Hitam Tin Dredging Malaysia Bhd since October 17, 2005.
• YBhg Datuk bin Abdul Rahman has been a Director of Gefung Holdings since September 28, 2006.
• He has been an Independent Non Executive Director of Nagamas International Berhad since October 1, 2007.
• He serves as a Director of Commerce Asset Ventures Sdn Bhd.
• He serves as a Member of Training & Education Advisory Council at Islamic Banking and Finance Institute Malaysia Sdn. Bhd.
• He served as an Executive Director of TSH Resources Bhd from September 3, 2001 to August 2005. He serves as an Independent Director of Mission Biofuels Sdn. Bhd., a subsidiary of TSH.
• He served as a Director of Ekowood International Bhd from June 1, 2002 to August 31, 2005.
• He served as an Independent Non Executive Director of Ayer Hitam Tin Dredging Malaysia Bhd since July 1, 2005.
• Since 1995, he served on the Board of Tongkah Holdings Berhad.
• He also served on Kedah State owed Bina Darulaman Berhad.
• He serves as a Member of Investment Panel of Lembaga Tabung Haji. He also served as Dirrector of TH Plantations Berhad since June 1, 2005.

Zarinah's Profile

Before we raised the questionable issues, let's see the profile of our SC Chairperson, Tan Sri Zarinah Anwar from MASB website.

Tan Sri Zarinah Anwar is Chairman of the Securities Commission (SC), Malaysia, a post she assumed on 1 April 2006. She had served as Deputy Chief Executive of the SC and a member of the Commission since 1 December 2001.

She is Vice-Chairman of the Emerging Markets Committee of the International Organisations of Securities Commissions (IOSCO). She was Chairman of the ASEAN Capital Markets Forum, a grouping of chairmen of ASEAN securities regulators, from 2006-2008.

Currently, she chairs the Malaysian Venture Capital Development Council and the Capital Market Development Fund, and is a member of the Labuan Offshore Financial Services Authority (LOFSA), Malaysian International Islamic Financial Centre (MIFC). She also serves on the Board of Directors of the Institut Integriti Malaysia (IIM) and the Asian Institute of Finance Malaysia (AIF).

Tan Sri Zarinah started her career in the Government Legal and Judicial Service where she served in the courts as well as the Attorney-General's Chambers. Subsequently, she spent 22 years with Shell and was Deputy Chairman of Shell Malaysia prior to joining the SC.

She graduated with an LLB (Hons) from University Malaya.

Questions

• How is it that Zarinah be appointed as SC Chairperson in 2006 when her husband was a stockbroker and remain as Director in Apex outfit since 1985?


• Is there not conflict of interest with Zarinah as SC Chairperson and husbands as Directors of Public Listed Companies?


• In Annual Report of Companies where Azizan is a Director, why is there no mention of his relationship with SC Chairperson? The company only provide this qualification:

"Datuk Azizan does not have any family relationship with any other Director and/or major shareholder of the Company and has no conflict of interest with the Company. He has had no convictions for offences within the past ten years."

• In January 2009, Azizan and a partner took Isyoda private at 71 sen. Earlier on November 7th, Isyoda was 93.5 sen and 4 days latter it felled to 54 sen. Two months later it was taken private. Is SC not investigating the reason behind this price drop? Maybe for possible manipulation?




• Isyoda's NTA per share was about RM1.20. At 71 sen, the Company is actually taken for cheap. Was SC involved in pricing the GO at 73 sen? Was there any "strange" waiver in this deal that helped the EGM to approve the sale for cheap?


• The delisting exercise was fast. By May 2009, Isyoda was taken to court. Was there something shitty that was covered up by delisting? SC interrogating goons?


• Azizan became Deputy Chairman of TSH Resources, a Company he restructured personally at Apex. TSH Resources owns 67 pct of Ekowood and Tabung Haji owns 7%. He was Director of Ekowood till August 2005. Dato Kalimullah was apponted Chairman from 2004 up till May 2010. Could this be the link that help Kalimullah with waivers and strange arrangements for "ikan bilis" ECM Libra to takeover of Avenue Capital.

This is still a prequel.

Can there be a "Chinese Wall" in bed between husband and wife? So, any bloggers wanting to make a name for yourself can dig up on this allegedly corrupt couple.