New chairman for Securities Commission and PR1MA Malaysia


  • Business
  • Monday, 01 Oct 2018

In a statement issued yesterday, the SC said the Cabinet Special Committee on Anti-Corruption (JKKMAR) had approved its recommendation to require listed companies to put in place anti-corruption measures and a framework to promote the effective discharge of directors

PETALING JAYA: The government continues to make key changes in the leadership of statutory bodies with the latest announcement of new chairmen for the Securities Commission (SC) and PR1MA Malaysia.

In a statement, the Prime Minister’s Office (PMO) announced the appointment of Datuk Syed Zaid Albar as the new SC executive chairman and Tan Sri Eddy Chen as PR1MA chairman.

According to the statement, Chen’s appointment will take effect on Oct 1 while Syed Zaid will start on Oct 15.

Syed Zaid replaces Tan Sri Ranjit Ajit Singh, while Chen will replace Tan Sri Alies Nor Abdul, who resigned on June 1.

The statement said Syed Zaid graduated with a Bachelor of Arts (Honours) degree in Law in the UK and qualified as a Barrister-at-Law from Lincoln’s Inn in 1979.

He also has more than 38 years in the legal practice, where he served in Skrine & Co and even founded his own law firm Albar & Partners.

The PMO said Syed Zaid was previously part of the compensation panel inquiry member and also the committee member of appeals at BURSA MALAYSIA BHD.

He was also in the review committee member of Islamic finance law in Bank Negara.

“His expertise goes across various sectors such as corporate law, capital markets, sukuk as well as Islamic and conventional banking,” it said.

Meanwhile, the PMO said Chen has vast experience in the real estate industry which spanned more than 30 years.

Chen was also the former Real Estate and Housing Developers’ Association Malaysia (Rehda) president from 1998 to 2002.

He is currently the managing director of MKH Bhd.

Also appointed to the PR1MA board were Datuk Faris Yahaya, Mohd Ali Abdul Karim and Ahmad Shahrul Mohamed.

A few developers congratulated Chen on his appointment as the new chairman of PR1MA.

LBS BINA GROUP BHD group managing director Tan Sri Lim Hock San welcomed the appointment of Chen, saying that it is good a public figure could be the chairman of PR1MA so that transparency is maintained.

“As he is a developer, he would know what are the problems faced and how to save costs,” Tan said.

“He will know where to build PR1MA projects so that there will not be overbuilding problems but at the same time have more projects at places where people actually needs.”

IOI Property chief executive officer Lee Yeow Seng is happy with Chen’s appointment and suggested that all low-cost housing projects should be simplified into one.

He said every state should follow the same policy so that there would not be conflicts and differences.

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