Administrative Actions in 2003


Nature of Offence


Facts of Case




Failure to exercise professionalism and failure to discharge due diligence responsibility expected of an expert in the preparation of the valuation report for submission to the SC in conjunction with the restructuring exercise of Plantation and Development (Malaysia) Bhd in 2002

  • Andrew Chan Kian Sang

  • Messrs Dass Mohamad Chartwell Brooke Hiller Parker Sdn Bhd (DMC)

Andrew Chan, a valuer and director of the valuation firm, DMC, did not comply with the Guidelines on Asset Valuation for Submission to the Securities Commission.

Both parties were publicly reprimanded on 15 October 2003. The SC also imposed a sanction of non-acceptance of submission to the SC on both parties for one year and three months, respectively, starting from 15 October 2003.

Note: All administrative actions taken by the Securities Commission are subject to the aggrieved person’s right to appeal to the Commission for a review of the decision under section 146 of the Securities Commission Act 1993 or section 364 of the Capital Markets & Services Act 2007 within 30 days of the decision at first instance.