The Securities Commission Malaysia (SC) today publicly reprimanded valuer Noraini Jaafar Sidek and valuation firm Messrs Raine & Horne International Zaki + Partners Sdn Bhd (RHIZP) (collectively referred to as “the Parties”) for making a submission that did not comply with the SC's Asset Valuation Guidelines.
The SC will also not accept any submissions made by Noraini for six (6) months, effective 2 February 2011. Noraini is a director of RHIZP and the registered valuer who signed the valuation reports for a corporate exercise submitted to the SC through AmInvestment Bank Berhad in 2010.
The administrative actions were taken against the Parties for failing to exercise due care and meet the professional standards expected of an expert in the preparation of reports for submission to the SC.
The SC found that the Parties had failed to meet several requirements under the Guidelines, including the requirement to ensure that:
• the valuation was properly carried out and reviewed for quality control,
• the data applied in carrying out the valuation was properly verified and correctly analysed, and
• adjustments made were appropriate and justified.
The SC has notified the Board of Valuers, Appraisers and Estate Agents of the sanction.
Professionals such as valuers, auditors, accountants and lawyers are expected to display high standards of professionalism and accountability. Investor protection standards remain a priority and submissions made to the SC will continue to be critically reviewed to ensure investor protection standards are not compromised.