Mr.Yew, we salute you for willing to bear the responsibility.
What about you? Datuk Yusli? Do you have the guts to follow Mr.Yew foot step, to show that you are a man with balls?
Remember what have you said before?
“Obviously the management would have to bear the responsibility and since I'm head of management, I have to be fully accountable,” Dato Yusli said when asked who would be held responsible for the failure. (quoted from Bernama)
18-07-2008: Bursa CIO quits by Lee Wei Lian & Thomas Soon
KUALA LUMPUR: Bursa Malaysia Bhd chief information officer (CIO) Yew Kim Keong has resigned from the stock exchange, taking responsibility for the hardware failure in the trading system that resulted in an unprecedented one-day trading halt on July 3.
It is learnt that Yew had tendered his resignation and would be on leave from today until his official departure from the bourse at the end of the month.
When contacted by The Edge Financial Daily yesterday, Yew declined to comment.
A source close to Bursa Malaysia said Yew, as the CIO, had personally taken responsibility for the technical failure. However, the rumour mill is circulating that Yew has been made the “scapegoat” and that the powers-that-be had directed a deliberate halt to prevent a heavy selldown in the market that day.
Bursa Malaysia has said the trading halt was purely due to the technical failure and flatly denied the rumours of having received orders from “the top” to suspend trading to prevent any panic-selling.
Hewlett-Packard (M) Sdn Bhd or HP, which is the vendor of the HP Non-Stop Hardware, the existing architecture used by Bursa, has also said the trading halt was due to faulty hardware and not a “deliberate move” to stop trading.
Yew, together with Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff and HP representatives, was at a press conference that week to explain the technical failure. Industry sources said Bursa Malaysia may be exploring the option of claiming damages from HP.
Yew had said the back-up system had taken longer than expected to kick in due to additional measures that were adopted to ensure trading integrity.
A computer science graduate with over 25 years’ experience in information technology, Yew was a member of the pioneer team that initiated the computerisation for the then Kuala Lumpur Stock Exhange.
Subsequently, he also implemented several major IT projects for the industry, including the trading, clearing and settlement and depository systems.
He held various key positions in the Bursa Malaysia group, including assistant general manager IT of Bursa Malaysia Securities Clearing, and senior vice-president, facilities management of Bursa Malaysia.
Bursa Malaysia consolidated its CIO positions into one. Yew was the CIO of operations prior to his appointment as the group CIO in October 2005. He was also the project director for Bursa Trade Derivatives, which was launched on Nov 20, 2006.
4 comments:
Truly Malaysian,
Sad to say, he is the man with no balls. Bursa Malaysia under his leadership has not progressed much.
Please think twice when listen to this chap, remember what he said before? If you follow his call, you are catching a falling knife. Bursa closed at 1150 today....
"Investors should look at the fundamentally strong ones which have pulled back more than they should, Bursa Malaysia chief executive officer advises
NOW is the time for investors to buy stocks with good value before they rebound when the market regains its momentum later, says the chief of the local bourse.
"Quite a number of stocks have fallen off their highs this year. Investors should look at the fundamentally strong ones which have pulled back more than they should," Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff said.
"Many business are also not affected by what happened in the US, like oil and gas," he said.
"It's difficult to buy at the lowest, but at least, you know you are not buying at the highest," he added.
Yusli said the domestic market, which fell to a four-month low this week, is volatile as investor confidence is shaken.
However, he is confident that the market will continue to rise when the dust has settled because the economic fundamentals of Malaysia as well as Asia are strong.
Even the US economy is not in a bad state. "It was in the news, as the Federal Reserve was saying that the US economy is actually expected to grow. We hope the statistics coming out from the US will calm the market in the next few weeks, allowing it to regain momentum," Yusli said.
He said the local market needs to stabilise before long-term investors return.
Exactly when the market will stabilise and resume its uptrend is a matter of confidence, he told reporters during a monorail ride to mark the start of the company's campaign to celebrate the country's 50th year of
Your country was once a save heavn and enjoyed premium valuation for stock. However, the circumstances has changed due to bad leaders. Just look at Thai Composite Index. It has fallen to 660 points. Will your country index follow suit?
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