|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
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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.