PRIME Minister Ismail Sabri Yaakob and the Attorney-General’s Chambers must explain the sudden resignation of Syed Zaid Syed Jaffar Albar as the executive chairman of the Securities Commission and his immediate replacement with an Umno man, DAP chairman Lim Guan Eng said today.

“Both the prime minister and the attorney-general must give full explanation on Syed Zaid’s shock resignation and his immediate replacement with an Umno man.

“The government must act swiftly to reassure investor confidence that Malaysia’s capital market is run not for the benefit of vested interests, but professionally, independently, competently with full adherence to transparency and respect for rule of law free from any political interference,” the DAP chairman said in a statement.

Lim noted that Syed Zaid’s resignation is reported to be linked to clashes with the Attorney-General’s controversial decision to withdraw criminal charges against troubled oil and gas services company Serba Dinamik Holdings Bhd and four senior executives, who were alleged to have filed false financial statements with Bursa Malaysia.

Earlier today, the Finance Ministry announced that Awang Adek Hussin, a former Umno MP and assistant governor of Bank Negara Malaysia, will be replacing Syed Zaid, 67, who had served as SC chairman for more than three years.

He was appointed on November 1, 2018, and was reappointed on November 1, 2021, by the Finance Ministry.

Awang Adek is the first politician to be appointed head of the financial regulatory body.

He had previously held the post of deputy finance minister from 2006 to 2013 and was elected Bachok MP from 2004 to 2008. – April 28, 2022.