In a arise of a recent scandals involving Securities Commission Tan Sri Zarinah "Gangster of Bukit Kiara" Anwar as well as her corporate-notorious father Dato' Azizan Abdul Rahman in a sale of 30% E&O shares to PNB tranquil organisation Sime Darby, you would similar to to summation what happened in a past involving a single of a most prominent collateral marketplace scandal.
A collateral marketplace brute Dato' Tony Tiah who was concerned with Dato' Soh Chee Wen in a 90! s for th e rascal in a Omega Securities, was allowed behind in to mainstream corporate scene. All happened after Zarinah was a conduct of a collateral marketplace regulatory body.
Here is how a story goes.
During a go-go 1990s, Datuk Tony Tiah Thee Kian stood during a tip of a stockbroking heap. TA Enterprise Bhd was a largest broker in town, with over 700 remisiers as well as a outrageous client base. On 12 October 1990, as part of a restructuring exercise, TA Enterprise acquired TA Securities. A month later, TA Enterprise was listed upon a then Kuala Lumpur Stock Exchange (KLSE). In Mar 1991, TA Enterprise acquired Botly & Co Sdn Bhd. On thirty Mar 1990, AT Securities Sdn Bhd, an outfit started by Tiah as well as his wife, changed its name to Omega Securities Sdn Bhd. Both Omega Securities as well as Pahang-based WK Securities were acquired by Omega Holdings Bhd upon 8 Mar 1991.
While Omega was thriving as well as Tiah was busy expanding his business over Malaysian shores, there were hints of a liaison emerging. In a Jul 1993 news report, for example, Tony Tiah came out to repudiate that TA Securities was in any way linked to ! a Union Paper Holdings Bhd scandal. The Union Paper box concerned a large short-selling of a company's shares upon a KLSE, that resulted in a sell carrying to buy in Union Paper shares. Tiah additionally denied that TA had suffered large contra losses due to a rsther than poignant improvement in a marketplace then.
In 1997, things got some-more serious. Other names were being linked to a Tiahs, names such as businessman Datuk Soh Chee Wen. On 23 Mar 1998, Tiah resigned from a KLSE committee, citing illness reasons. Three weeks later, upon 9 April, he withdrew his resignation. In Jun 1998, Omega Securities' trade looseness was consummated after it had failed to meet a KLSE's smallest liquid supports req! uirement . Eleven alternative brokerages were placed underneath trade restrictions. Tiah as well as Soh were charged with defrauding Omega Securities of RM 424 million in a share contract in August 1999.
August 04 , 1999 13:53PM
DATUK TONY TIAH CHARGED UNDER SECURITIES INDUSTRY ACT
KUALA LUMPUR, Aug 4 (Bernama) TA Enterprise Bhd senior manager management Datuk
Tony Tiah Thee Kian was charged in a Shah Alam Sessions Court here today
with abetting Datuk Soh Chee Wen in using a intrigue to defraud Omega
Securities Sdn Bhd.He claimed trial to a assign underneath a Securities Industry Act as well as was
allowed bail of RM1 million tentative discuss of a box upon October 7,1999.Sessions Court judge Mokhtaruddin Baki ordered Tiah to obey his
passport as well as travel documents to a court.The assign pronounced that Tiah had without delay in connection with a purchase of
35,563,000 units of Uniphoenix Corporation Bhd shares through a margin
accounts in Omega Securities, abetted Soh in using a intrigue to defraud
Omega
Securities by a execution of approach business transactions namely
"crossings" in a domain accounts, that did not engage any shift in the
beneficial tenure of Uniphoenix Corporation shares.This action that c! aused a withdrawal of RM424,930,597.50 from Omega
Securities when a domain equity of a pronounced domain accounts was below 150
percent, was in transgression of Rule 20(20) of a Kuala Lumpur Stock
Exchange Rules For Trading by Member Companies.As a result of this, Omega Securities did not have sufficient collateral tofin ance a pronounced domain accounts.
Tiah is alleged to have committed a corruption during Omega ecurities, Plaza
Perangsang, Persiaran Perbandaran, Shah Alam between Sept 2, 1997 as well as Jan
12 1998.The corruption carries a fine of not less than RM1 million as well as a jail tenure of
not some-more than 10 years.In a same court, Khoo Poh Kim @ Kimmy was charged with abettting Tiah in
abetting Soh for a pronounced offence.She pleaded not guilty as well as was allowed bail of RM100,000 tentative discuss on
the same date.Khoo was additionally ordered to obey her passport as well as travel documents to the
court.Soh, together with Patric Lim have been being sought by a Securities Commission
(SC) to assistance a management in their investigations. Both Soh as well as Lim are
believed to be overseas. BERNAMA******************
Soh certified to conspiring with Tiah in on condition that fake statements to a stock sell pertaining to 44,592,000 shares of Omega Holdings, between 2 Sept 1997 as well as 12 January 1998. Tiah was fined RM 3 million, in default thirty months' imprisonment, upon each charge. Soh certified guilt to a second of dual principal charges of defrauding a now-defunct Omega Securities of RM 95.97 million. On eleven May 2002, Tiah resigned as senior manager management of TA Enterprise as well as his mother took over a stewardship of a company. He returned to a post in August 2007.
How could someone similar to Tiah came behind in to centre of corporate stage as well as handling a plc?
Only with a powers that be allowed it so. SC as a regulatory physique for collateral a! s well a s monetary markets should put a stop opposite rogues streamer a ! helm of corporations, where a stakeholders embody Malaysian public as well as investors outward a country.
It clearly seemed that Second Finance Minister Tan Sri Nor Mohamed Yackop in 2006 prompted then Prime Minister 'Flip-Flop' Dato' Seri Abdullah Ahmad Badawi to designate a Shell Human Resources woman in to a tip nick collateral as well as monetary marketplace regulator pursuit in 2006, for corporate rogues similar to Tiah as well as Kalimullah "Riong Kali" Hassan go about their robbery ways to 'plunder as well as pillage'.
Riong Kali as well as Azizan have been best of buddies.
Nor Mohamed is a brute corporate personality in his own right. His name is synonymous with sure criminal crack of certitude cases during a days of Abrar Corp Bhd. in a 90s. His notorious reputation is carried through even in his domestic position in Government, when dual of his domestic secretaries Dato' Mohd. Norza Zakaria as well as Hasbie Satar being charged for corruption.
Lets not dont think about in a early days of Zarinah in a SC tip job, she got SC to 'practically close-one-eye' for all a misconducts as well as frauds in a ECM Libra-Avenue Capital merger where MOF Inc 'gave away' a bonds organisation in foster of Riong Kali as well as his partners, that embody then Vice UMNO Youth Head Khairy Jamaluddin.
For a record, Soh is a single of Opposition Leader Anwar "Mat King Leather" Ibrahim's monetary backers. But is for another story, another day. As for now, Prime Minister Dato' Seri Mohd. Najib Tun Razak cannot win a await as well as confidence of most pe! ople sin ce of 'legacy personalities' similar to Nor Mohamed as well as Zarinah still very much around.
- bigdogdotcom
No comments:
Post a Comment