SC revokes SJ Asset Mgmt licence
Written by Joseph Chin
Wednesday, 28 July 2010 20:56
KUALA LUMPUR: The Securities Commission has revoked SJ Asset Management Sdn Bhd's (SJAM) licence to undertake fund management activities.
The SC said on Wednesday, July 28 that the move, which took immediate effect, came after the SC found that SJAM breached regulatory requirements in relation to the safeguarding of clients' assets and the company had engaged in deceitful and improper business practices.
"The SC also found that SJAM had furnished false and misleading information and documents to the regulator.
"The SC is working closely with the police and regulatory counterparts in other countries as part of its investigations into the affairs of SJAM," said the SC in a statement posted on its website.
The SC said that it had on Tuesday, petitioned to the High Court for the winding up of SJAM.
It said the winding-up of SJAM will enable liquidators to effectively deal with the rights and entitlements of all creditors including the clients of SJAM. The liquidators would also determine an appropriate basis of returning the clients assets to the entitled clients.
http://www.theedgemalaysia.com/business-news/170769-sc-revokes-sj-asset-mgmt-licence.html
Read also: http://whereiszemoola.blogspot.com/2010/07/some-comments-on-sj-asset-managements.html
Comment:
It takes 30 years to build a reputation and only 5 minutes to destroy one.
It is extremely difficult to have total absolute trust in anybody when it comes to your money.
Be very careful and wary always.
Keep INVESTING Simple and Safe (KISS) ****Investment Philosophy, Strategy and various Valuation Methods**** The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.
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