KUALA LUMPUR (June 22): Apex Equity Holdings Bhd's wholly owned subsidiary Apex Securities Bhd has been granted leave (permission) by the High Court to commence judicial review proceedings against the Securities Commission Malaysia (SC) for imposing "additional conditions" in respect of its Capital Markets and Service Licence (CMSL).
High Court judge Datuk Ahmad Kamal Md Shahid on Thursday (June 22) read out his decision to allow the judicial review.
Apex Securities is also seeking a stay of the imposition of the SC’s additional conditions pending the outcome of the judicial review.
The judge instructed both parties to file their affidavits and legal submissions for and against the stay and fixed Oct 19 for hearing Apex Securities' stay application.
Datuk Seri Rajan Navaratnam represented Apex Securities while Syukran Syafiq and Mohd Aerie Rashmond Rahman represented the SC.
Based on Apex Equity’s Bursa Malaysia filing dated Dec 7, 2022, Apex Securities instituted the judicial review on Oct 19, 2022, and the application was served on the Attorney General’s Chambers on Nov 25, 2022.
Further, the company explained in the filing that the “additional conditions” imposed by the SC in respect of the Apex Security’s CMSL till Feb 21, 2023 are (ad verbatim):
“4.1 JFAS shall obtain the SC’s prior written approval for any transfer of monies, credit, provision of margins or any other consideration from JFAS to:
(a) Apex and/or its related corporations; or
(b) Any parties related to Apex, including Apex’s board, officer(s) or substantial shareholder(s).
4.2 JFAS shall obtain the SC’s prior written approval for any change of the signatories of JFAS’s bank accounts.”