KUALA LUMPUR: The Finance Ministry has appointed Datuk Awang Adek Hussin as the new executive chairman of the Securities Commission, effective June 1, 2022.

       Awang Adek, who was formerly an assistant governor in Bank Negara, will replace outgoing chairman Datuk Syed Zaid Syed Jaffar Albar, who resigned from the post just six months after the renewal of his contract in November 2021. Syed Zaid's resignation will take effect on May 31, 2022.

       In a statement, the Finance Ministry said Awang Adek was appointed in accordance with Section 4(2) of the Securities Commission Act 1994 [Act 498] and will serve for a term of three years until May 31, 2025.

       It said Awang Adek has vast experience in the capital markets and Islamic finance.

       He had previously served as director on the SC's board, chairman of Tenaga Nasional Bhd, Malaysian ambassador to the US, first director-general of the Labuan Offshore Financial Services Authority (LOFSA).and was the Deputy Finance Minister from 2006 to 2013.

       "The Finance Ministry would like to express its appreciation and thanks for the contributions and service of Datuk Syed Zaid Syed Jaffar Albar as SC executive chairman from Nov 1,2018, to May 30, 2022," said the statement.