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The Securities Commission Malaysia (SC) has dismissed VCB Capital Sdn Bhd (VCB)’s appeal against the SC’s decision to revoke its fund management licence.
VCB’s license was revoked pursuant to section 72(2)(a)(i) read together with section 64(1)(j), 64(1)(h)(v) of the Capital Markets and Services Act 2007 when the SC found that the manner in which VCB conducted its business casted doubt on its competence and soundness of judgement as a fund manager.
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 license took effect on 19 June 2019.
Further details on the revocation can be found here.
