In a statement, the regulator said yesterday VCB’s licence was revoked for breaching the guidelines on compliance function for fund management companies and guidelines on prevention of money laundering and terrorism financing for capital market intermediaries.
PETALING JAYA: The Securities Commission (SC) has dismissed VCB Capital Sdn Bhd’s (VCB) appeal against a decision to revoke its fund management licence.
In a statement, the regulator said yesterday VCB’s licence was revoked for breaching the guidelines on compliance function for fund management companies and guidelines on prevention of money laundering and terrorism financing for capital market intermediaries.
It found that the manner in which VCB conducted its business cast doubt on its competence and soundness of judgement as a fund manager.
The revocation of VCB’s licence took effect on June 19,2019.
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