Kuala Lumpur, 21 May 2008

SC welcomes ACA’s action against Chee Kok Wing

The Securities Commission (SC) welcomes the charges by the Anti-Corruption Agency (ACA) against Chee Kok Wing for eight counts of receiving bribes purportedly to incentivise SC staff to ensure the listing of GP Ocean Berhad and to stop SC’s investigations into the company.
“This development serves as a strong reminder to participants in the capital market that they should deal directly with the SC and not through individuals claiming to act for or on behalf of the SC,” said the SC Chairman Dato’ Zarinah Anwar.
The SC has in place transparent processes and procedures in discharging its regulatory functions, and these are available on the SC website. The SC has also instituted pre-submission consultations since early 2006 for all applicants and their advisers.
This is complemented by post-decision meetings with applicants to explain the outcome of their submissions. Reasons for rejection are also published on the SC’s website as future guidance for applicants and their advisers.
The SC will continue to work closely with the ACA in ensuring that any abuse of this nature will be swiftly dealt with to protect the integrity of our market.