Apex Equity Holding Bhd (Apex Equity) said Security Commission Malaysia (SC) has withdrawn all “additional conditions and reporting requirements” that was imposed on the group’s wholly-owned subsidiary Apex Securities Bhd (ASB), with immediate effect.
In Bursa listing today (Dec 8), it said: “The company wishes to inform that the SC had, vide a letter, issued to ASB dated 7 December 2023, withdrawn all additional conditions and reporting requirements imposed on Apex Securities earlier with immediate effect.”
The “additional conditions” were, among others, that ASB was required to obtain the regulator’s prior written approval for the transfers of monies, credit, provision of margins or any other considerations to Apex Equity and related parties, as well as a prior written approval for any change of Apex Securities bank accounts’ signatories.
This was imposed in August shortly after SC went to court to seek a declaration that ASB had breached securities laws and the ACE Holdings Bhd was knowingly involved in the contravention “as ACE has become a controller of Apex Securities, when ACE is not a fit and proper person” for the job.
Meanwhile, a consent judgement was entered between SC, Apex Equity and ASB, in a Bursa filing on Nov 24.
The consent judgement saw Apex Equity agreeing that its board’s appointment will not involve any person with prior relationship to ACE Holdings Bhd or related companies.
On the other hand, ASB would withdraw its judicial review application against the SC’s imposition of additional conditions on its CMSL.
In the Nov 24 listing, it said that among the salient term include that “in the event that the company wishes to appoint any person to its Board of Directors, the company shall appoint a person who has no prior relationship, interaction and/or connection with ACE Holdings Berhad (ACE) or any related companies with ACE.”
“Apex Securities and Apex Equity respectively, shall withdraw their applications to strike out the plaintiff’s (SC) claim,” it said.
It added in the consent judgement, ASB shall withdraw its judicial review application against the plaintiff herein vide an Application for Judicial Review file on 19 October 2022 (JR proceedings) before the High Court of Malaya at Kuala Lumpur in relation to the Additional Conditions imposed by the plaintiff with no orders as to costs.
