Share Recovery Unit reminds share-recovery applicants to make payment and return indemnity letters

Kuala Lumpur, 23 December 1999

The Share Recovery Unit (SRU) of the Securities Commission (SC) would like to remind all share-recovery applicants who have received a payment and indemnity request from the SC to forward such payment and indemnity to the SC as soon as possible.

It is important that the payment and indemnity letters be submitted soonest because it is only upon receipt of those items that the SRU can proceed to forward such payment to the Malaysian Central Depository (MCD) and request that an applicant's CDS account to be credited with the requisite securities.

The SRU has issued payment and indemnity requests to all applicants that have submitted complete applications i.e. applications that fulfill all share recovery procedures and requirements. However, to date, approximately 9,000 applicants have not reverted on the SRU's request.

In the case of applications that are incomplete, the SC has given numerous reminders and time for applicants to return documents such as transfer forms or identification documents. Final reminders were issued in October requesting for the return of documents within a six-week period. Failure to do so by applicants will result in such applications being rejected by the SC.

Applications involving probate cases that are pending will, however, continue to be retained by the SC until the final outcome. To date, there are approximately 2,000 applications that are still incomplete.

Applicants who have been rejected by the SC are not precluded from re-applying to the Accountant General's Department. Members of the public may contact the Accountant General's Department at:

Accountant General's Office
Securities Management Section
4th Floor, Block 8
Kompleks Pejabat-pejabat Kerajaan
Jalan Duta, 50592 Kuala Lumpur

Tel: 603-6517022 ext 1417

Between 1 December 1998 to 1 June 1999, the SC received a total of 43,502 applications involving some 200,000 share scrips for 600 million units of shares. The 600 million units of shares accounted for 60% of the initial 1 billion units of shares that were transferred to the Minister of Finance's legal custody at the outset.

The shares were transferred to the Minister of Finance's securities account because their scrips were not deposited with the MCD by the 1 December 1998 deadline, as required under section 29 of the Securities Industry (Central Depositories) (Amendment) (No. 2) Act 1998.

Investors whose share scrips had been transferred to the Minister of Finance's securities account were allowed by law to apply to the SC's SRU to recover their shares. These investor were given six months, from 1 December 1998 to 1 June 1999 to submit their share-recovery applications.

Under the Securities Industry (Central Depository) Act 1991, once the appeal period of six months lapses on 1 June 1999, the Minister of Finance is accorded discretion to deal with those shares for which a claim has not been made to the SC by 1 June 1999.

All applications received after the 1 June 1999 deadline are dealt with by the Accountant General's Department.

Members of the public who wish to check the status of their applications with the SRU may do so through:

Share Recovery Unit
Securities Commission
3, Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur

Tel: 603-6548888
e-mail: [email protected]


Issued on behalf of the Securities Commission of Malaysia. Members of the press seeking assistance may contact the Corporate Affairs Department at tel no. 603-6548625 (Soh Beng Choo) / 603-6548184 (Azmi Harris Ibrahim) or fax no.: 603-6515078.

Background information:

The Securities Commission (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Securities Industry Act 1983 and Futures Industry Act 1993.

More information about the SC is available on its homepage at
about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

General Line: +603-6204 8000
General Email: [email protected]
© Copyright Securities Commission Malaysia.  Contact Us   |    Disclaimer   |   The site is best viewed using Microsoft Edge and Google Chrome with minimum resolution of 1280x1024
Generic Popup