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]
