[UPDATED] Securities Commission seeking explanations from Azam Baki, others over MACC fiasco

KUALA LUMPUR – The Securities Commission (SC) will be calling in parties involved in the recent Malaysia Anti-Corruption Commission (MACC) debacle, which will include chief commissioner Tan Sri Azam Baki, to explain themselves.

It said, in a brief statement issued today, that it will be looking to get an explanation from those set to be summoned before the next course of action is decided.

“SC will be in touch with the parties involved, including Tan Sri Azam Baki, for an explanation and to verify statements made, as well as to gather any relevant evidence,” read their statement.

The write-up also detailed Section 25 of the Securities Industry (Central Depositories) Act 1991 (Sicda), which states that every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.

“In addition, Section 29A of Sicda stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee,” it said, suggesting that one’s trading account can be managed by a third party with proper authorisations in place.

DAP’s Lim Lip Eng today also prompted the SC and the Attorney-General’s Chambers for answers on whether Azam had committed an offence by allowing his brother Nasir Baki to use his share-trading account.

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.

This follows remarks by Azam and Anti-Corruption Advisory Board (LPPR) chairman Tan Sri Abu Zahar Ujang, where the latter during a press conference yesterday insisted Azam had done nothing wrong in allowing Nasir to use his share-trading account.

Abu Zahar said the board conducted a meeting with Azam on November 24 to seek explanation on the allegations that have since plagued the anti-graft body.

Abu Zahar also said the board was satisfied by the explanation given by Azam and found no criminal elements involving him or conflict of interest.

Azam, meanwhile, insisted he as the chief commissioner is only answerable to the LPPR.

Azam also claimed the allegations of conflict of interest brought against him were created by certain parties looking to take advantage and attack the MACC, as well as ruin the commission’s image and his personal reputation. – The Vibes, January 6, 2022