By Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Saturday, August 21, 1993:
Why is the Securities Commission dragging its feet on the Union Paper shares scandal when the KLSE had completed and submitted its investigations to it “sometime back”
The Kuala Lumpur Stock Exchange executive chairman, Datuk Nik Din Nik Yusoff said yesterday that KLSE investigations into the Union Paper shares irregular trading had been completed “some time back” and that the findings had been submitted to the Securities Commission.
The Securities Commission Chairman, Dr. Munir Majid, should explain why the Commission is dragging its feet on the Union Paper shares scandal when two months ago, he announced that the Commission was investigating “one or two” counters for manipulation of prices.
Dr. Munir Majid said then that this was not a ‘routine surveillance or inspection” carried out by the Securities Commission, but an “investigation”.
As finance Minister directly responsible for overseeing the securities market and the various regulatory agencies, in particular the Securities Commission, Datuk Seri Anwar Ibrahim should ensure that there is swift and speedy action against offences under the Security Industry Act like ‘shortly-selling’, so as to restore public confidence in the KLSE as a fair, orderly and transparent marketplace and not a casino. Anwar should also ensure that the Securities Commission is a watchdog with ‘teeth’ and not a ‘toothless tiger’.
Anwar Ibrahim had given an assurance in Parliament more than a month ago that action would be taken against all involved in manipulating the Union Paper shares regardless of who they are. Anwar Ibrahim should know the maxim that “Justice delayed is justice denied”.
As the Minister responsible, Anwar Ibrahim should explain when the authorities will take action to arrest and prosecute the 12 ‘short-sellers’ – whether the country has to wait until after UMNO party elections in November?