Securities Commission must explain, make public its inquiry into Azam: C4

KUALA LUMPUR – The Securities Commission Malaysia (SC) must explain how it reached inconclusive findings in its inquiry into Tan Sri Azam Baki’s alleged breach of securities law, which it must make public, said the Centre to Combat Corruption and Cronyism (C4). 

C4 founding director Cynthia Gabriel told The Vibes that the SC’s inconclusive findings only justify calls for an independent probe into the case. 

“We urge the SC to make public its inquiry and how it arrived at this uncertain conclusion. 

“(This) vindicates further our position from the onset that a full and independent probe will suffice to also establish potential breaches of public servants’ asset declaration laws and circulars, as well as source of funds.”

Gabriel echoed calls by other lawmakers and civil society groups urging the prime minister to step in and take immediate action. 

“We are diving deep into further darkness and Prime Minister Datuk Seri Ismail Sabri Yaakob must act immediately to convene a high-level task force to investigate the Azam-gate fiasco.”

This comes on the heels of the SC’s announcement today that it was unable to conclusively establish that any breaches under the Securities Industry (Central Depositories) Act 1991 (Sicda) had been committed by the Malaysian Anti-Corruption Commission’s (MACC) chief commissioner. 

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 yesterday that the proceedings regarding the controversy involving Azam scheduled for tomorrow had been postponed indefinitely, citing several legal issues as a stopping block.

C4’s Gabriel had also previously questioned if Azam, by allowing his brother Datuk Nasir Baki to purchase shares and warrants in companies, had breached beneficial ownership rules under Sicda. 

She had said that establishing this fact would be paramount to the case, as Azam cannot be perceived to be breaching the same rules he is enforcing as MACC’s chief. 

Gabriel had also previously accused Anti-Corruption Commission Advisory Board (LPPR) chairman Tan Sri Abu Zahar Ujang for possibly having a hand in a cover-up.

This was in reaction to how other LPPR members distanced themselves from Abu Zahar’s assertions made during a press conference, when he said the board were satisfied with Azam’s explanation and cleared him of any wrongdoing. 

The chief commissioner recently made headlines 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 Nasir under his name. – The Vibes, January 18, 2022