SC revokes licences of Metrowangsa Asset Management and related parties

The Securities Commission (SC) today revoked the fund manager and futures fund manager licences of Metrowangsa Asset Management Sdn Bhd (MAM) and the licences of its Chief Executive Officer, Dr Ghazali bin Atan, and its Executive Director, Mohamed bin Abdul Wahab.

The SC also revoked the investment adviser licence of MAM’s related advisory company, Metrowangsa Advisory Sdn Bhd (where Dr Ghazali bin Atan and Mohamed bin Abdul Wahab are also directors) and the licence of Che Hisham bin Endut, a director and licensed representative of Metrowangsa Advisory Sdn Bhd.

Action was taken after the parties failed to provide reasonable grounds as to why their licences should not be revoked for their failure to continue meeting the minimum criteria to be licensed by the SC. The SC had earlier issued notices of show cause to these parties. The parties have the right to appeal to the Minister of Finance against the revocation.

The SC has also filed an application to the High Court to seek an order to appoint a receiver for the assets of the clients of MAM to ensure the safeguarding of these assets. These assets do not include the assets of Amanah Saham Wanita (Asnita Fund) which are registered in the name of Mayban Trustees Bhd pursuant to a trust deed. The management company of Asnita Fund, Metrowangsa Unit Trusts Bhd (formerly known as Hijrah Unit Trust Management Bhd) recently appointed Amanah SSCM Asset Management Bhd as the new fund manager for Asnita Fund.

2 April 2002