https://www.channelnewsasia.com/asi...n-daim-zainuddin-graft-crackdown-clob-4194026
Boss John, like that Kym?
CLOB case is reopen after hundred moons
Boss John, like that Kym?
CLOB case is reopen after hundred moons
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Wow....this time really 天开眼，Jiuhu investigating CLOB case again
- Thread starter k1976
- Start date
KUALA LUMPUR: Singaporean businessman and prominent Malaysia property developer Akbar Khan is under investigation on allegations of money laundering and corruption by the Malaysian Anti-Corruption Commission (MACC).
MACC investigators temporarily detained Mr Akbar, who is the main shareholder of high-end developer BRDB Developments Sdn Bhd, for questioning last week after raiding his home and business premise in the capital Kuala Lumpur, senior sources from the agency and lawyers familiar with the situation told CNA.
Apart from freezing the business and personal accounts of the businessman, the MACC also ordered Mr Akbar to declare his assets and the financial holdings of his family, the sources added.
The 83-year-old Mr Akbar declined to comment on the MACC probe when contacted by CNA.
“As this is an ongoing matter, we refrain from commenting on specific details. Our primary focus remains on ensuring a fair investigation,” noted a spokesperson in Mr Akbar’s office.
MACC sources said the businessman is expected to be recalled by the agency for more questioning in the coming days together with other former close associates.
They played crucial roles in the repatriation of frozen shares valued at US$4 billion that were once listed in Singapore’s now-defunct over-the-counter market that traded mainly in Malaysian shares called Central Limit Order Book, or CLOB, and a controversial transaction involving the change of shareholding at conglomerate Multi-Purpose Holdings Bhd (MPHB) in the late 1990s and 2000.
Mr Akbar is the latest in a growing cast of business personalities who have been ensnared in the MACC’s widening investigation on former finance minister Daim Zainuddin.
MACC investigators temporarily detained Mr Akbar, who is the main shareholder of high-end developer BRDB Developments Sdn Bhd, for questioning last week after raiding his home and business premise in the capital Kuala Lumpur, senior sources from the agency and lawyers familiar with the situation told CNA.
Apart from freezing the business and personal accounts of the businessman, the MACC also ordered Mr Akbar to declare his assets and the financial holdings of his family, the sources added.
The 83-year-old Mr Akbar declined to comment on the MACC probe when contacted by CNA.
“As this is an ongoing matter, we refrain from commenting on specific details. Our primary focus remains on ensuring a fair investigation,” noted a spokesperson in Mr Akbar’s office.
MACC sources said the businessman is expected to be recalled by the agency for more questioning in the coming days together with other former close associates.
They played crucial roles in the repatriation of frozen shares valued at US$4 billion that were once listed in Singapore’s now-defunct over-the-counter market that traded mainly in Malaysian shares called Central Limit Order Book, or CLOB, and a controversial transaction involving the change of shareholding at conglomerate Multi-Purpose Holdings Bhd (MPHB) in the late 1990s and 2000.
Mr Akbar is the latest in a growing cast of business personalities who have been ensnared in the MACC’s widening investigation on former finance minister Daim Zainuddin.
: May 25, 2023
Almost 25 years after Malaysian shares abruptly ceased to be traded in Singapore in an episode that has become known as the infamous CLOB International saga, local stock exchange officials are launching a new, but roughly similar initiative that will allow investors here to gain exposure to companies listed not in Malaysia this time, but instead on the Stock Exchange of Thailand (SET), through a novel instrument known as a Singapore Depository Receipt (SDR).
However, although the intention of launching SDRs is the same as CLOB, namely they are meant to broaden the scope of investments available in the Singapore market to include overseas-listed companies, that is where the similarity ends.
First, CLOB was not recognised by the Malaysian authorities as an official market for Malaysian shares as it was an over-the-counter (OTC) segment that was launched hurriedly in 1990 after the split of the Kuala Lumpur-Singapore stock exchange. In this case, both the exchanges, SET and SGX, stand ready to help resolve any problems investors may face.
As such, it had to be eventually shut down in 1998 during the height of the Asian Financial Crisis when the Malaysian government declared CLOB to be an illegal market and ordered the migration of all shares back to the KL stock exchange.
In contrast, SGX is launching SDRs with the blessing of the Securities and Exchange Commission of Thailand under the Thailand-Singapore DR (Depository Receipt) Linkage between SGX and SET that was announced in 2021.
Furthermore, more links can be expected with other Asean exchanges, all with the approval of the respective regulators.
Second, unlike stocks traded on CLOB that were mainly speculative second-liners, the three that have been selected for the initial launch on 30 May, namely Airports of Thailand, food retailer CP All and energy play PTT Exploration & Production, are all large cap blue chips which are constituents of the benchmark SET50 Index.
There is also every reason to believe that future SDRs will be issued on similar large quality companies whose shares are actively traded on the SET. In other words, instead of low-quality, pure speculative plays which comprised the bulk of CLOB shares, the new link with the Thai market should see Singapore investors able to gain exposure to the best companies on the SET.
https://sias.org.sg/latest-updates/commentary-sdrs-is-this-another-clob/
Almost 25 years after Malaysian shares abruptly ceased to be traded in Singapore in an episode that has become known as the infamous CLOB International saga, local stock exchange officials are launching a new, but roughly similar initiative that will allow investors here to gain exposure to companies listed not in Malaysia this time, but instead on the Stock Exchange of Thailand (SET), through a novel instrument known as a Singapore Depository Receipt (SDR).
However, although the intention of launching SDRs is the same as CLOB, namely they are meant to broaden the scope of investments available in the Singapore market to include overseas-listed companies, that is where the similarity ends.
First, CLOB was not recognised by the Malaysian authorities as an official market for Malaysian shares as it was an over-the-counter (OTC) segment that was launched hurriedly in 1990 after the split of the Kuala Lumpur-Singapore stock exchange. In this case, both the exchanges, SET and SGX, stand ready to help resolve any problems investors may face.
As such, it had to be eventually shut down in 1998 during the height of the Asian Financial Crisis when the Malaysian government declared CLOB to be an illegal market and ordered the migration of all shares back to the KL stock exchange.
In contrast, SGX is launching SDRs with the blessing of the Securities and Exchange Commission of Thailand under the Thailand-Singapore DR (Depository Receipt) Linkage between SGX and SET that was announced in 2021.
Furthermore, more links can be expected with other Asean exchanges, all with the approval of the respective regulators.
Second, unlike stocks traded on CLOB that were mainly speculative second-liners, the three that have been selected for the initial launch on 30 May, namely Airports of Thailand, food retailer CP All and energy play PTT Exploration & Production, are all large cap blue chips which are constituents of the benchmark SET50 Index.
There is also every reason to believe that future SDRs will be issued on similar large quality companies whose shares are actively traded on the SET. In other words, instead of low-quality, pure speculative plays which comprised the bulk of CLOB shares, the new link with the Thai market should see Singapore investors able to gain exposure to the best companies on the SET.
https://sias.org.sg/latest-updates/commentary-sdrs-is-this-another-clob/
This was the heist of the century. It literally killed all interest in KLSE.
Yeah...that time many many PG and MG tio a big timeBoomers here got clobbered?
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