Wednesday 28 Feb 2024
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KUALA LUMPUR (April 28): The Ministry of Finance (MoF) has appointed former Malaysian ambassador to the United States and ex-deputy finance minister Datuk Dr Awang Adek Hussin as the new executive chairman of Securities Commission Malaysia (SC), effective June 1.

The appointment came after the resignation of Datuk Syed Zaid Albar, who tendered his resignation just six months after his term was extended for a three-year period.

Syed Zaid has helmed the capital market regulator for nearly three years and six months.

In a statement on Thursday (April 28), the MoF expressed its appreciation towards Syed Zaid’s contribution during his tenure as SC's executive chairman.

“To ensure a smooth, orderly transition and to ensure the continuity of SC administration, MoF has appointed Datuk Dr Awang Adek as the new executive chairman of SC for three years — effective June 1, 2022 to May 31, 2025.

“This appointment is in accordance with Section 4(2) of the Securities Commission Act 1993 (Act 498),” MOF said.

According to the ministry, Awang Adek, who is former Bachok MP and UMNO member, has vast experience in capital market and Islamic finance.

He holds a doctoral degree (PhD) in Economics from the University of Pennsylvania, United States.

“Among his experience is an assistant governor of Bank Negara Malaysia, former SC board member, former chairman of Tenaga Nasional Bhd, the first director general of the Financial Services Authority Persisir Labuan (LOFSA), former Malaysian ambassador to the United States and was appointed deputy minister of finance in 2006 to 2013.

“With the vast experience, MoF is confident that Datuk Dr Awang Adek is able to make an outstanding contribution to ensure that the SC achieves its goal is to be a high-performing organisation,” it said.

Edited BySurin Murugiah
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