SC clears Azam, says no laws breached in shares ownership

Kuala Lumpur, Jan 18 — The Securities Commission Malaysia (SC) says it cannot “conclusively establish” if Malaysian Anti-Corruption Commission (MACC) chief Azam Baki broke the law over his ownership of shares.

In clearing Azam Baki following an investigation into allegations accusing him of conflict of interest in the purchase of shares, the SC said the MACC chief had not breached any laws.

The market regulator said, “the SC has concluded its inquiry, and based on the evidence gathered, the SC is not able to conclusively establish that a breach under Section 24(4) of SICDA has occurred.”

It said its investigation was centered on a claim that Azam had breached the Securities Central Depository Act 1991 (SICDA), which states that a trading account must be opened in the name of the beneficial owner or the authorized nominee.

“As such, the SC has closed its inquiry file accordingly.”

Azam had been due for questioning by the Parliamentary Select Committee on Agencies under the Prime Minister’s Department, a committee comprising MPs from Pakatan Harapan, Perikatan Nasional, Barisan Nasional as well as GPS and Warisan.

He was under investigation over claims of conflict of interest in the purchase of company shares following a series of blog articles by an activist linked to local NGO C4 Center.

He later issued a demand letter to the writer of the articles, Lalitha Kunaratnam, with the MACC lodging a police report against her describing her claims as false and unsubstantiated by evidence.

Azam had also been under fire from top Pakatan Harapan leaders who called for him to go on leave and for MACC’s Anti-Corruption Advisory Board chairman Abu Zahar Ujang to be investigated after the latter cleared Azam of allegations of conflict of interest.

But Azam said last week that there was no need for him to step down, adding that only the Yang di-Pertuan Agong could give such instruction.

NMT