The SC said it was to allow sufficient time for interested parties, including overseas participants, to submit their feedback.

SC and Bursa Malaysia published their respective consultation papers on Feb 6. Subsequent to that, they had briefed several industry groups on key proposals outlined in the consultation papers.

StanChart reduces BLR to 5.55%
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd have reduced their base lending rate (BLR) and base financing rate (BFR) from 5.95% to 5.55% per annum, effective on March 3.

Most commercial banks have reduced their BLR by 40 basis points (bps) after Bank Negara Malaysia lowered the overnight policy rate by 50bps to 2%. Effective March 2, Asian Finance Bank reduced its BFR by 45bps to 5.5%.

Court upholds conviction of Lua for short-selling
KUALA LUMPUR: The High Court had on Feb 27 dismissed the appeal of Lua Yik Hor against a conviction and sentence for short-selling of shares.

Judge Datuk Ahmad Maarop dismissed the appeal after hearing submissions from both the prosecution and the accused. The judge also maintained the jail sentence imposed by the Sessions Court but had agreed to a stay of execution pending the decision of the Court of Appeal.

On Nov 10, the Sessions Court convicted Lua for 30 charges of short selling North Borneo Timber shares in 1995. He was sentenced to two-year concurrent jail term on each charge from the date of sentence. The High Court granted Lua bail at RM100,000 with two sureties.