Ramkarpal: Has the Securities Commission sent its investigation papers on MACC chief to AGC?

KUALA LUMPUR, Jan 21 — Bukit Gelugor MP Ramkarpal Singh urged the Securities Commission (SC) Malaysia to clarify whether its investigation papers on Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki’s proxy share trading case were now with the Attorney General’s Chambers (AGC).

He said it was not uncommon for an investigative body to refer its findings to the AGC even if those findings might have initially determined that an offence had not been committed, such as in the case of Teoh Beng Hock.

According to Ramkarpal, in Azam’s case, the SC’s findings contradicted public statements made by the MACC chief who had originally claimed his trading account was used by his brother, Nasir Baki.

“The SC is well aware that its findings that Azam had full control of his trading account are in stark contrast with Azam’s version that his brother had been in control of the same at the material time.

“This alone is enough to arouse major suspicion as to whether Azam did commit an offence under section 25(4) SICDA and it is only proper, in such circumstances, for the SC to refer its findings to the AGC for its consideration as the AGC is better equipped to determine if an offence has been committed,” he said in a statement today.

Ramkarpal was responding to a report by news portal Free Malaysia Today (FMT) that quoted an SC insider as saying that there was no need for the SC to refer its findings to the AGC as it found that Azam had not breached any of the relevant laws, particularly Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA).

The insider was further reported to have said that it was only necessary to refer cases with evidence of wrongdoing to the AGC to decide if prosecution is warranted.

Ramkarpal said the SC should clarify if what was said by the insider, as reported by FMT, is its official stance.

“The SC can ill-afford being seen as being involved in a cover up and if indeed it is true that its investigations show that Azam did not commit an offence, then it is best that the matter is referred to the AGC to confirm the same,” he said.

Three days ago, the SC issued a statement saying it had wrapped its inquiry on Azam’s controversial acquisition of public shares and found no conclusive evidence that he broke stock trading rules.

The SC began looking into the issue earlier this month after Azam openly admitted in a news conference that his brother, Nasir Baki, had used his share trading account — with his permission — to buy millions of shares in two public-listed companies back in 2015.

The SC said it did not conclusively find that Azam committed any breach under Section 25(4) of SICDA that a trading account must be opened in the name of the beneficial owner or authorised nominee.

Shortly after that, Azam issued a statement declaring that the SC had found him innocent and that he would continue work as usual.

The PSC on Agencies had summoned Azam for questioning this week, but postponed it to an unspecified date after he refused on grounds that he was already under probe by other agencies.

Azam is also being investigated by the MACC Complaints Committee.