KUALA LUMPUR – DAP’s Lim Lip Eng has called on the Securities Commission (SC) and the Attorney-General’s Chambers to respond on the legality of Tan Sri Azam Baki’s explanation over allegations involving conflict of interest.
The Kepong MP pointed out how the supposedly tell-all press conference held at the Malaysian Anti-Corruption Commission’s (MACC) headquarters in Putrajaya instead had the opposite effect and raised more questions than answers over Azam’s supposed abuses.
“The Securities Commission has a duty to state if Azam Baki has breached any securities law.
“Also, has the attorney-general carried out a full investigation into Azam Baki’s case and cleared him of any wrongdoing?” Lim wrote in a statement posted on Facebook earlier today.
Lim, echoing Center to Combat Corruption and Cronyism founding director Cynthia Gabriel, similarly pointed out how Section 25 of the Securities Industry (Central Depositories) Act 1991 prohibits anyone from using the trading account of another person.
The exception, he pointed out, is unless the third party is an authorised depository agent who has opened and maintained a securities account with the central depository.
Lim said the Act stipulates that anyone who contravenes the regulations shall be guilty of an offence and upon conviction can be fined not exceeding RM3 million, or face imprisonment not exceeding 10 years.
The DAP lawmaker then pointed out a strikingly similar scenario where the SC had in 2011 compounded a woman for RM25,000 after she allowed a third party to use her central depository system account in Arab-Malaysian Securities Sdn Bhd (now known as AmInvestment Bank Bhd) to trade in Nexnews Bhd shares between May 7 and May 10, 2007.
If what Azam Baki did was not wrong at all under existing law, can any person now start using their securities account to trade on behalf of their relatives, friends and others, whether for a fee or on a voluntary basis?”
His question was in response to Azam and Anti-Corruption Advisory Board (LPPR) chairman Tan Sri Abu Zahar Ujang’s remarks, where the latter during a press conference yesterday insisted the former as a chief commissioner had done no wrong in allowing his brother to use his trading account.
In yesterday’s press conference, Abu Zahar asserted how the board had conducted a meeting with Azam on November 24 to seek an explanation on the allegations that have plagued the anti-graft body.
Abu Zahar had said LPPR was satisfied by the explanation given by Azam and found no criminal elements involving him or any conflicts of interest.
Azam, meanwhile, insisted that as the chief commissioner, he is only answerable to LPPR.
Azam also claimed the allegations of conflict of interest brought against him were created by certain parties looking to take advantage of and attack MACC, as well as ruin the commission’s image and his personal reputation. – The Vibes, January 6, 2022
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