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KUALA LUMPUR: The Securities Commission (SC) has publicly reprimanded valuer Noraini Jaafar Sidek and valuation firm Messrs Raine & Horne International Zaki + Partners Sdn Bhd (RHIZP) over a submission with did not comply with the regulator’s asset valuation guidelines.
The SC said on Wednesday, Feb 2 it would also not accept any submissions made by Noraini for six months, effective the same day.
According to the SC, 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 Bhd 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," it said.
The SC said it found that Noraini and RHIZP had failed to ensure the valuation was properly carried out and reviewed for quality control. They had failed to ensure the data applied in carrying out the valuation was properly verified and correctly analysed and did not ensure whether adjustments made were appropriate and justified.
The SC said it had notified the Board of Valuers, Appraisers and Estate Agents of the sanction.
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