(Petaling Jaya, Saturday): The Asian Wall Street Journal yesterday reported investigations by the Securities Commission into the stock market’s "most high-profile deal maker", Datuk Soh Chee Wen, quoting as saying that the commission had put him through nearly 70 hours of questioning over the past two weeks.
The probe into Soh, who at one time controlled eight listed Malaysian companies, centres on Omega Holdings Bhd., a debt-laden stockbroking concern that he allegedly acquired through the use of nominees, acting as middleman for the deal.
Soh has told the Asian Wall Street Journal that he was being victimised, saying: "I am getting the feeling that I’m being made to take the rap". The AWSJ reported that Soh had filed a report with the Kuala Lumpur police last week naming several Malaysian businessmen involved in the Omega deal.
The Soh investigations has been regarded as an important test for the Securities Commission and the country’s regulatory agencies as they try to restore confidence in the battered stock market, which had been hurt by several controversial transactions in recent months that have ignored shareholder rights.
Soh has been described as a "walking time bomb", and AWSJ reported the he had threatened to expose "additional corporate corner-cutting beyond the Omega deal" which could prove embarrassing for some prominent Malaysian companies and businessmen.
Soh had also been closely linked to Ling Hee Leong, the son of MCA President and Transport Minister, Datuk Seri Dr. Ling Leong Sik, who achieved publicity when at 27 years old he could acquire RM1.2 billion worth of corporate stakes in three months.
The Securities Securities Commission should table a report in next month’s Parliament on the investigations into Datuk Soh Chee Wen to demonstrate a new corporate governance of accountability, transparency and integrity in Malaysia. The role of the Securities Commission and its investigations into Soh would be among the issues in next montyh’s Parliament which would reconvene on July 23.
(13/6/98)