DAP: SC must clarify if there was proxy trading in Azam case
The Securities Commission (SC) has been urged to clearly state whether MACC chief Azam Baki was involved in proxy trading or risk being seen as engaging in a cover up.
In a statement today, DAP secretary-general Lim Guan Eng said Azam has already publicly admitted that the latter's trading account was once used by someone else.
"Like every developed capital market in the world, Malaysia has...
The Securities Commission (SC) has been urged to clearly state whether MACC chief Azam Baki was involved in proxy trading or risk being seen as engaging in a cover up.
In a statement today, DAP secretary-general Lim Guan Eng said Azam has already publicly admitted that the latter's trading account was once used by someone else.
"Like every developed capital market in the world, Malaysia has outlawed proxy share trading through Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda).
"How can SC not act when Azam has openly and publicly admitted that he had allowed his brother to conduct proxy share trading?" asked Lim.
Lim, a former finance minister, suggested that it is not worth risking SC's reputation and investor confidence in Malaysia's capital markets to cover up for just one individual.
After much public outcry, Azam publicly stated on Jan 5 that he had a stake in Excel Force MSC Bhd in 2016 after his brother used his trading account.
Following this, the stake was transferred to the brother and hence Azam claimed that he had no pecuniary interest in the transaction.
Government rules do not allow civil servants to hold an equity stake with a value of more than RM200,000.
Yesterday, the SC said it cannot conclusively establish a breach under Section 25(4) of the abovementioned law.
Meanwhile, Lim pondered aloud if the MACC will also clear the SC of alleged wrongdoing.
"With SC clearing Azam, questions are also raised whether the earlier tit-for-tat investigations by MACC against the SC will also be closed or quietly forgotten.
"Can we then expect a similar statement from MACC clearing SC of any wrongdoing?" asked Lim.
On Jan 9, an anonymous group lodged a report with the MACC against SC members for their alleged conflict of interest and accused their board members of owning a RM28.2 million stake in various companies.
