PETALING JAYA: Former Umno supreme council member and deputy finance minister Datuk Dr Awang Adek Hussin (pic) has been appointed to lead the Securities Commission (SC).

       His appointment came as the current chairman, Datuk Syed Zaid Syed Jaffar Albar, surprisingly tendered his resignation merely six months after his term was extended for a three-year period.

       Syed Zaid decided to step down at a time when the SC is battling issues particularly surrounding Serba Dinamik Holdings Bhd.

       The SC, following a decision by the Attorney General Chambers, had compounded directors of Serba Dinamik after initially charging them in court for breaching capital market laws.

       SC Syed Zaid Albar

       The SC reportedly extended the deadline for the directors of Serba Dinamik to pay their compounds up to two weeks. The initial deadline was yesterday.

       In a statement yesterday, the Minister of Finance said Awang Adek will be the new executive chairman for a three-year period from June 1, 2022 till May 31, 2025.

       Awang Adek was appointed in accordance with Section 4(2) of the Securities Commission Act 1994 [Act 498], according to the statement by the ministry.

       Awang Adek is currently the chairman of Main Market-listed PRG Holdings Bhd – a position which he has held since August 2017, according to PRG’s website.

       At the time of writing yesterday, PRG had not announced to the stock exchange about Awang Adek’s resignation following news of his appointment. Awang Adek has one more month before he assumes his new role in the SC.

       An Umno Kelantan veteran, Awang Adek is not entirely alien to the SC as he had previously served as director on the capital market regulator’s board.

       He was also formerly an assistant governor in Bank Negara between 1998 and 2001.

       The Finance Ministry said Awang Adek has vast experience in the capital markets and Islamic finance.

       Serba Dinamik

       Among others, he previously served as the chairman of Tenaga Nasional Bhd, Malaysian ambassador to the United States, the first director-general of the Labuan Offshore Financial Services Authority and was the deputy finance minister from 2006 to 2013.

       Awang Adek holds a doctorate degree in economics from the University of Pennsylvania, US.

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

       “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,” stated the ministry.