KUALA LUMPUR – Despite attributing transactions to his brother, embattled Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki had operated the trading account he had personally opened, the Securities Commission (SC) said.
In a statement aimed at clarifying findings from the probe into the leading graft-buster’s share-trading activities, the SC suggested that Azam had made transactions on the account of his own volition.
The clarification issued by the SC today also noted that Azam – who is referred to as TSAB – is indeed the owner of the account.
“TSAB is the named account holder and had control of the said trading account,” the SC said.
“TSAB operated the account that he had opened, in that he had given instructions to buy, sell and transfer securities from the said account.”
However, the SC said there was no breach of the Securities Central Depository Act 1991 (Sicda).
Yesterday (January 18), the SC issued a statement saying it could not conclusively find any breach of the act by Azam.
The SC’s clarification appears to contradict a statement made by Azam during a tell-all press conference on January 5, in which he said that his brother, Datuk Nasir Baki, used his share-trading account to purchase shares in a private company in 2015, but maintained that he had no vested interest or benefit.
“The allegations that I have control over a number of companies are total lies, to create a negative perception towards me, to hurt my image as the chief commissioner,” Azam said during the presser.
“I deny these allegations vehemently. As such, after being advised by my lawyers, I have decided to take legal actions against those who have tarnished my reputation.”
He went on to explain that all the shares were eventually moved to Nasir’s account, and insisted that he saw no issue with allowing his brother to initially use his.
According to Azam, the allegations made against him were created by certain interested parties who wanted to use him to attack the MACC and ruin the commission’s image and his personal reputation.
He added that the MACC has identified the “masterminds” involved in defaming him and the body and the motive behind their actions, and will now take the matter to court.
Asked why anyone would want to take him and the MACC down, Azam said, “I’m not sure, but from what I can read, they are out to tarnish my reputation.”
The MACC chief said that following the SC’s findings, he was told the case against him would subsequently be closed.
Azam, who has maintained his innocence, had said he was only answerable to the Anti-Corruption Advisory Board, and later insisted that only the Yang di-Pertuan Agong can end his tenure.
The probe launched by the SC shortly after was centred around the premise of whether Section 25(4) of the 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.
“In this regard, the said inquiry relates to the issue of whether a potential breach under Section 25(4) Sicda occurred. Section 25(4) Sicda provides that a trading account must be opened in the name of the beneficial owner or authorised nominee,” the SC said yesterday.
“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.”
In response to the findings, Azam expressed his gratitude to the SC for clearing him of any wrongdoing related to his share-trading.
The chief commissioner has recently been accused by opposition lawmakers of being in contempt of Parliament when they claimed Azam ignored their calls to present himself before the parliamentary select committee on agencies.
The PSC proceedings slated for today were postponed, as announced by Dewan Rakyat Secretary Nizam Mydin Bacha Mydin, due to several issues that required prior legal advice from Parliament’s legal counsel office. – The Vibes, January 19, 2022
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