Sunday 28 April 2024

Wahid Omar's reign at Bursa Malaysia, Under Review.

BURSA Malaysia's non executive chairman Wahid Omar's role as public director is being reviewed by the Ministry of Finance.

THE appointment as public director is an appointment which is made directly by the Minister of Finance.

THERE is a strong possibility, that Wahid Omar will have to relinquish his role as non executive chairman of Bursa Malaysia too.

DESPITE being a non executive chairman, Wahid Omar since his appointment in 2020, has a habit of chairing the weekly management meetings, which greatly influence the outcome of those meetings.

UNDER Wahid Omar, READ : Malaysia has been fairing poorly in the public governance category,  while Bursa Malaysia and the Securities Commission's move to pin the blame on the Government has not gone down well wirh the  Ministry of Finance.

UNDER  the Ismail Sabri administration,  there were some political interference on matters concerning Serba Dinamik, but to Anwar Ibrahim's credit he has given enough rope for the top people at Bursa Malaysia and the SC to hang themselves with.

ON paper, corporate governance in Malaysia looks good but when it comes to smaller listed companies, where there is little or no political interference, governance are in serious jeapordy.

MALAYSIA needs to buck up on corporate governance front to attract foreign and private domestic money READ :as the US might not cut interest rates this year, after being forecast to cut rates by as many as 6 times in 2024.

AS it is deposit rates in the USA currently stands at about VIEW :5.5 per cent, while Malaysia's maximum fixed deposit rates are at 3.45 per cent.

 MEANING even if the US were to cut interest rates gradually, say from June 2024 it would take up to 18 months, for our deposit rates to become  more attrractive than the rates in USA.