Kuala Lumpur, 29 June 2010
SC imposes conditions and restrictions on the activities of SJ Asset Management Sdn Bhd
Over the last two years, the Securities Commission Malaysia (SC) has intensified its regulatory review and scrutiny over asset management companies. Pursuant to this, an on-site examination was conducted on SJ Asset Management Sdn Bhd (SJAM). The examination as well as the findings of BDO Consulting Sdn Bhd (BDO), who was appointed to assist in examining SJAM’s books, accounts and records, had raised certain concerns. As such, the SC has imposed conditions and restrictions on the activities of SJAM.
With immediate effect, SJAM is prohibited from soliciting new mandates and to maintain and preserve all records in relation to clients’ trades and payments. The SC has also instructed BDO to further examine, audit and report on SJAM’s books, accounts and records, inclusive of assets held.
SECURITIES COMMISSION MALAYSIA