SC revokes SJ Asset Management licence
0 Comments | New Straits Times, Jul 29, 2010 | by Azlan Abu Bakar
THE Securities Commission (SC) has revoked SJ Asset Management Sdn Bhd’s (SJAM) licence, effective immediately, after investigations found the company had broken rules.
SJAM failed to safeguard clients’ assets and engaged in deceitful and improper business practices, the SC said. The company was also found to have given the SC false and misleading information.
“We are working closely with the police and regulatory counterparts in other countries as part of our investigations into the affairs of SJAM,” an SC spokesperson said in a statement that was released yesterday in Kuala Lumpur.
SJAM, a licensed fund company incorporated in 1992, manages regional investments in Japan, Hong Kong, Singapore, Thailand, Indonesia, the Philippines, Taiwan and South Korea.
On July 27, the SC asked the High Court to wind up the fund management company pursuant to Section 361 of the Capital Markets and Services Act 2007.
“The winding-up of SJAM will enable liquidators to effectively deal with the rights and entitlements of all creditors, including the clients of the company,” the SC spokesperson said.
Yesterday, the High Court appointed Datuk Gan Ah Tee and Mok Chew Yin from BDO Governance Advisory Sdn Bhd as provisional liquidators.
The liquidators will also determine an appropriate basis of returning assets to entitled clients.
“We urge all affected parties to cooperate with the provisional liquidators to ensure an effective resolution of the issues con- fronting SJAM,” the SC spokes-person said.
SJAM came into the spotlight when the SC on June 29 stopped it from taking care of fresh funds after examination of the fund manager raised concerns.
Numerous attempts to reach SJAM chairman Datuk Kamaruddin Hamzah have been unsuccessful.
The whereabouts of the company’s managing director, Whai Onn Tan, are also unclear. Kamaruddin is the co-owner of SJAM Holdings Sdn Bhd, the parent company of SJAM, together with Whai.
Whai is also SJAM’s head of fund and portfolio management, while Kamaruddin sits on the board of directors of a few public-listed companies.