KUALA LUMPUR, 28 JULY, 2010: The Securities Commission Malaysia (SC) has revoked the licence of SJ Asset Management Sdn Bhd (SJAM) to undertake fund management activities.

In a statement here today, the SC said the move, which took immediate effect, came after it found that SJAM had breached regulatory requirements in relation to the safeguarding of clients’ assets and the company had engaged in deceitful and improper business practices.

"SJAM had also furnished false and misleading information and documents to the regulator," it said.

The SC said it was working closely with the police and regulatory counterparts in other countries as part of its investigations into the affairs
of SJAM.

It said arising from the above, it has on July 27, 2010, petitioned to the High Court, pursuant to Section 361 of the Capital Markets and Services Act 2007, for the winding-up of SJAM.

"The winding-up of SJAM will enable liquidators to effectively deal with the rights and entitlements of all creditors, including the clients of SJAM.

"The liquidators will also determine an appropriate basis of returning the clients' assets to the entitled clients," it said.

The SC said pending the granting of the winding-up order by the High Court and in order to protect the interests of all clients and stakeholders of SJAM, it has petitioned for provisional liquidators to be appointed.

"Following this, the court has, on July 28, 2010, appointed Datuk Gan Ah Tee and Mok Chew Yin of BDO Governance Advisory Sdn Bhd as provisional liquidators.


- Bernama

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