KUALA LUMPUR – The Securities Commission’s (SC) explanation that it could not conclusively find any breach of the securities law committed by Malaysian Anti-Corruption Commission’s (MACC) chief commissioner Tan Sri Azam Baki in relation to his shares procurement cannot be accepted, said Prof Edmund Terence Gomez.
The former member of the MACC’s Consultation and Corruption Prevention Panel said the latest development shows exactly why it was crucial that Azam be made to go on leave pending a probe.
In a statement today, Gomez accused the government of not acting decisively on the issue when it allowed Azam to remain in office while he was being investigated.
He added that the brevity of the SC’s statement – which was four paragraphs long – is shocking, considering the gravity of the allegations.
“Although these allegations were raised by the media, discussed in Parliament, and brought to the attention of the MACC’s advisory board, no independent investigation was undertaken.
“Now that a probe has finally been undertaken, we are told by the SC that it is unable to determine if Azam had breached the law.
This disturbing series of events, where investigations have been hampered or have not reached a satisfactory conclusion, indicates why it was imperative that Azam should have been instructed to go on garden leave when the allegations first emerged.”
Gomez said SC’s unstated reason over how it came to its conclusion in its probe has raised a very disturbing question over why all attempts to conduct an investigation into the allegations have not resulted in an in-depth and open inquiry.
Given the SC’s inability to provide an informed view of the allegations, Gomez said the government is now required to immediately establish an independent committee to review the matter.
In its statement yesterday, the SC said its inquiry into alleged abuses by Azam could not conclusively find any breach of the Securities Central Depository Act 1991 (Sicda).
It said that its probe was centred around the premise of whether Section 25(4) of Sicda — which relates to ownership of the securities account in question — was breached by Azam when he supposedly allowed his brother to purchase shares with his account.
“The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under Section 25(4) Sicda has occurred.”
The findings came just a day after Azam was accused of being in contempt of Parliament by opposition lawmakers for apparently declining to meet with the Parliamentary Select Committee on Agencies.
Dewan Rakyat Secretary Nizam Mydin Bacha Mydin announced on Monday that the proceedings regarding the controversy involving Azam scheduled for today had been postponed indefinitely, citing several legal issues as a stopping block.
The controversy surrounding Azam came to light after it was revealed that he had purchased shares in two public-listed companies in 2015, which he later clarified were bought by his brother Datuk Nasir Baki under his name.
The MACC’s supposed failure to address the issue was what led Gomez to quit his position as a member of the Consultation and Corruption Prevention Panel.
Anti-Corruption Advisory Board (LPPR) chairman Tan Sri Abu Zahar Ujang had said that the board had met Azam in November last year to discuss the matter and was satisfied by his explanation and found no elements of wrongdoing in the purchase of the shares.
Other members of LPPR, however, refuted Abu Zahar’s claims and have distanced themselves from him, saying his view does not represent theirs.
Azam has maintained his innocence and insisted he would not step down from his post, saying the only qualified individual that could end his tenure is the Yang di-Pertuan Agong, much to the ire of opposition lawmakers. – The Vibes, January 19, 2022
