June 6, 2018 / 3:49 AM / in 6 months

Exclusive: Malaysia's new government considering replacing stock market chief: sources

KUALA LUMPUR/HONG KONG (Reuters) - Malaysia is looking to replace the chief executive officer of the national stock exchange, two sources said on Wednesday, the latest in a series of top management changes initiated by the newly elected government.

FILE PHOTO: Investors monitor share market prices in Kuala Lumpur, Malaysia, August 25, 2015. REUTERS/Olivia Harris.

The sources gave no reason why the government was considering replacing Tajuddin Atan at Bursa Malaysia. His term is due to end in March next year.

A government advisor briefed by a minister told Reuters that the matter had been “one of the priorities” raised during a weekly cabinet meeting on Wednesday, but no conclusion was reached.

“It was discussed....it’s just that they could not come to a decision,” said the source, who requested anonymity.

Addressing a news conference after the cabinet meeting, Prime Minister Mahathir Mohamad said the issue had not been tabled.

“I did not see it on the table,” he said.

Two sources have said among the names being considered as potential replacements for Tajuddin include an external candidate based in Hong Kong, and two internal candidates.

Bursa Malaysia declined to comment. “We do not comment on speculative news,” a spokesman said.

Malaysians dumped a coalition that had led the country for the entire six decades since independence in a shock election result last month, having become scandalized by the corruption allegations leveled at previous prime minister Najib Razak.

The new government led by 92-year-old Mahathir, Najib’s mentor-turned-foe, is seeking to unearth suspected graft that took place during Najib’s near-10 years in power, casting a cloud over the future of several top officials.

Mahathir accepted the resignation of the central bank governor on Wednesday, the latest in a string of departures of top officials.

Tajuddin was appointed to head Bursa Malaysia in 2011. Previously, he had been group managing director of RHB Capital Berhad.

Reporting by Joseph Sipalan and Liz Lee in KUALA LUMPUR and Sumeet Chatterjee in Hong Kong; writing by Praveen Menon; editing by Simon Cameron-Moore

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