Finance Ministry or SC to sort out an official statement on Azam Baki share trading issue, says Wan Junaidi

PETALING JAYA: The Cabinet has left it to the Finance Ministry or Security Commission (SC) to sort out an official statement with regard to the controversial share issue surrounding Datuk Seri Azam Baki, said Datuk Seri Dr Wan Junaidi Tuanku Jaafar (pic).

"It was discussed at length the pros and cons (related to Azam's share ownership) in the cabinet meeting this morning (Jan 19).

"The Cabinet decided that since the SC is under Finance Ministry, the statement is either coming from the SC or the Finance Ministry, and then we will take the thing from there," Wan Junaidi said when contacted by The Star on Wednesday (Jan 19) night.

The controversy involved substantial amounts of shares bought from Gets Global Bhd and Excel Force MSC Bhd between 2015 and 2016 when Azam was the MACC director of investigations.

There were calls urging the SC to probe the matter and on Tuesday (Jan 18) the commission said it was not able to determine whether there was a breach of regulation in relation to the trading account of Azam.

SC said that as a capital market regulator, its regulatory remit was set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and the Securities Industry (Central Depositories) Act 1991 (SICDA).

"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 25(4) SICDA has occurred," said the SC in the Tuesday (Jan 18) press statement.

Following strong calls for more details into SC's investigation, the commission on Wednesday, the SC issued a four paragraph second statement, saying that evidence gathered in its inquiry into Azam's share trading account showed that the MACC chief was the named account holder, and had control of the said trading account.

"Azam operated the account that he had opened, in that he had given instructions to buy, sell and transfer securities from the said account.

"Therefore, the SC arrived at the decision that there was no breach of Section 25(4) of the SICDA," said SC.

Section 25(4) provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

Azam had denied any wrongdoing on Jan 8 in a press conference, saying he was ready to face the authorities because he had nothing to hide.

On Tuesday, Azam said he was grateful over the commission's decision and that he would continue carrying out his duties as MACC chief commissioner.

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