KUALA LUMPUR: The Securities Commission has revoked SJ Asset Management Sdn Bhd's (SJAM) licence to undertake fund management activities.

The SC said on Wednesday, July 28 that the move, which took immediate effect, came after the SC found that SJAM breached regulatory requirements in relation to the safeguarding of clients' assets and the company had engaged in deceitful and improper business practices.

'The SC also found that SJAM had furnished false and misleading information and documents to the regulator. 'The SC is working closely with the police and regulatory counterparts in other countries as part of its investigations into the affairs of SJAM,' said the SC in a statement posted on its website.

The SC said that it had on Tuesday, petitioned to the High Court for the winding up of SJAM. It said the winding-up of SJAM will enable liquidators to effectively deal with the rights and entitlements of all creditors including the clients of SJAM. The liquidators would also determine an appropriate basis of returning the clients assets to the entitled clients."