June 6, 2018 / 4:39 AM / 8 months ago

EXCLUSIVE-Malaysia's new government considering replacing stock market chief- sources

KUALA LUMPUR/HONG KONG, June 6 (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.

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 cabinet meeting on Wednesday could discuss Tajuddin’s position, one advisor to the government, who is aware of the private discussions and requested anonymity, told Reuters.

It was unclear, however, if a decision would be reached immediately.

“It’s going to be one of the priorities in the cabinet meeting later,” said the source.

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 scandalised by the corruption allegations levelled at previous prime minister Najib Razak.

The new government led by 92-year-old Mahathir Mohamad, 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.

The source privy to discussions said internal candidates were being considered as potential replacements for Tajuddin, but no decision has been reached yet.

The source said that the decision had come down to a choice between two candidates, both “from within” Bursa Malaysia.

However, another financial industry source said an external candidate from Hong Kong was also being considered.

Bursa Malaysia did not respond to a request for comment.

Prior to Tajuddin’s appointment to head Bursa Malaysia in 2011, he was the group managing director of RHB Capital Berhad.

The government is also in talks to appoint a new central bank governor and an announcement could come as early as Wednesday, two sources told Reuters on Tuesday. (Reporting by Joseph Sipalan and Liz Lee in KUALA LUMPUR and Sumeet Chaterjee in Hong Kong; writing by Praveen Menon; editing by Simon Cameron-Moore)

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