Awang Adek replaces Syed Zaid as SC chairman

The appointment will be effective for 3 years, beginning June 1, 2022 

by ASILA JALIL / Graphic by MZUKRI

THE Ministry of Finance (MoF) has appointed politician Datuk Dr Awang Adek Hussin (picture) as the new executive chairman of the Securities Commission Malaysia (SC), replacing Datuk Syed Zaid Syed Jaffar Albar who tendered his resignation yesterday. 

Awang Adek’s appointment will be effective for three years, beginning June 1, 2022, until May 31, 2025. 

“The appointment is in line with Section 4(2) of the Securities Commission Act 1993 (Act 498). Awang Adek has a wide experience and expertiseinIslamicfinanceandthe finance market,” MoF said in a statement yesterday. 

Awang Adek holds a doctoral degree in economics from the University of Pennsylvania. 

He has serves as the assistant governor in Bank Negara Malaysia as well as the board member of SC and Tenaga Nasional Bhd. 

He was also the ambassador to the US and deputy finance minister from 2006 until 2013. 

“With his experience, MoF is confident that Awang Adek will ensure that SC achieves its goal to become a prestigious organisation,” it added. 

Syed Zaid resigned from the regulatory body after three years helming the position since Nov 1, 2018. His resignation will take effect on May 31, 2022. 

Syed Zaid’s resignation came six months after his term was extended for another three-year period. He was reappointed as the executive chairman on Nov 1, 2021, by MoF. 

His exit from SC followed not long after the controversial decision made by the Attorney General’s Chambers to withdraw criminal charges against Serba Dinamik Holdings Bhd and four senior executives who were charged for allegedly filing false statements with the stock exchange. 

The charges are related to a false statement over RM6.01 billion revenue recorded by the company in its financial report for the quarter and year ended Dec 31, 2020. 

The senior executives are CEO and group MD Datuk Mohd Karim Abdullah, ED Datuk Syed Nazim Syed Faisal, group CFO Azhan Azmi and VP of accounts and finance Mohammad Hafiz Othman.