POLITICIAN Awang Adek Hussin has been swiftly appointed to replace Syed Zaid Syed Jaffar Albar who quit six months into his second term as Securities Commission executive chairman today.

He becomes the first politician to be appointed to head the financial regulator.

The Umno man previously held the post of deputy finance minister from 2006 to 2013 and was elected as Bachok MP from 2004 to 2008.

“To ensure a smooth and orderly transition, the Ministry of Finance has appointed Awang Adek Hussin as the new executive chairman of the Securities Commission for a period of three years from June 1, 2022 to May 31, 2025.

“The appointment is in line with section 4(2) of the Securities Commission Act 1993,” the ministry said in a statement.

Awang Adek had previously served as a board member of the SC as well as Tenaga Nasional Bhd. He also served as the ambassador to the United States of America.

Earlier today, Syed Zaid tendered his resignation as the executive chairman of the regulatory body, just six months after his term was extended for a three-year period.

Syed Zaid, 67, had served as SC chairman for nearly three years and six months.

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

His early exit from the country’s top financial market regulator comes on the heels of a controversial decision by the Attorney-General’s Chambers (AGC) 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 28, 2022.