SC dismisses VCB Capital's appeal to revoke licence
Published on 02 Oct 2019. | Source: thestar.com.my
KUALA LUMPUR: The Securities Commission (SC) has dismissed VCB Capital Sdn Bhd's (VCB) appeal against the regulator's decision to revoke its fund management licence.
The SC said on Wednesday VCB’s licence was revoked after it found the way that VCB conducted its business casted doubt on its competence and soundness of judgement as a fund manager.
The revocation was pursuant to section 72(2)(a)(i) read together with section 64(1)(j), 64(1)(h)(v) of the Capital Markets and Services Act 2007.
“In this regard, VCB was found to have breached the Guidelines on Compliance Function for Fund Management Companies and Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries.
“The revocation of VCB’s licence took effect on June 19,2019, ” the SC said.
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