Kuala Lumpur, 15 October 2003
The Securities Commission (SC) today publicly reprimanded, and imposed sanctions of non-acceptance of submission to the SC on valuer Andrew Chan Kian Sang and valuation firm Messrs Dass Mohamad Chartwell Brooke Hiller Parker Sdn Bhd (DMC), for one year, and three months, respectively for non-compliance with SC’s Guidelines on Asset Valuation for Submission to the Securities Commission.
PUBLIC REPRIMAND
The valuation report involved several parcels of land totaling 1,648 acres located in Ijok, Selangor, valued at RM745,000,000 by Andrew Chan Kian Sang of DMC. Andrew Chan Kian Sang who signed the report is also a director of DMC. The said valuation report was found to be non-compliant with the Guidelines on Asset Valuations for Submission to the Securities Commission. The report submitted to the SC had omitted material information on the sales comparables used in the valuation, and the valuation approach adopted for one of the parcels is inconsistent with the disclosure made in the report. The report also did not provide justification and explanation for certain assumptions used in the valuation.
The SC also imposes the following sanctions on Andrew Chan Kian Sang and DMC with immediate effect:
SECURITIES COMMISSION MALAYSIA