In an immediate response to the resignation of Securities Commission Executive Chairman Syed Zaid Syed Jaffar Albar and his immediate replacement by UMNO politician Awang Adek Hussin, “DAP expressed shock at both the sudden resignation of Syed Zaid Syed Jaffar Albar as Securities Commission Executive Chairman only six months after his reappointment into his second term as Securities Commission executive chairman on 1 November 2021 as well as his immediate replacement with UMNO politician Awang Adek Hussin.
Syed Zaid’s resignation is reported to be linked to clashes with the Attorney-General’s controversial decision to withdraw criminal charges against troubled oil and gas services company Serba Dinamik Holdings Bhd and four senior executives, who were alleged to have filed false financial statements with Bursa Malaysia.
Both the Prime Minister and the Attorney-General must give full explanation on Syed Zaid’s shock resignation and his immediate replacement with an UMNO man. The government must act swiftly to reassure investor confidence that Malaysia’s capital market is run not for the benefit of vested interests but professionally, independently, competently with full adherence to transparency and respect for rule of law free from any political interference.”