THE Securities Commission (SC) has appointed Yew Yew Tee and Shamsul Bahriah Shamsudin as general counsel and director respectively to replace two of three senior managers whose departures were revealed earlier today.

It was reported that the regulator’s managing director Foo Lee Mei, general counsel Chee Fei Meng and executive director of digital strategy and innovation Chin Wei Min had resigned.

Yew will be replacing Chee as executive director. She currently holds the post of executive director of intermediary and fund supervision.

“Yew will succeed Chee, who had opted not to renew her contract when it ended on April 15. To facilitate a smooth transition, Chee will continue to serve until June 30,” the SC said in a statement today.

Meanwhile, Shamsul is the current head of institution supervision and has been with the SC for 19 years.

He will replace Yew as the executive director of intermediary and fund supervision.

The SC also confirmed that Foo opted to terminate her contact on April 6 and will serve her notice until May 20, 2022.

“Additionally, executive director of digital strategy and innovation Chin Wei Min had, on April 28, tendered his resignation and will serve his two months’ notice.”

The financial regulator said that it is looking for internal candidates to replace Chin.

It added that the resignations of its managing director and general counsel were not linked to the resignation of executive chairman Syed Zaid Syed Jaffar Albar yesterday.

Syed Zaid was replaced by Awang Adek Hussin, a former Umno MP and assistant governor of Bank Negara Malaysia, replacing Syed Zaid, 67, who had served as SC chairman for more than three years.

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. – April 29, 2022.