Deja Vu - Have we not been here before? When the MACC, Attorney General/Public Prosecutor all came out saying that Najib did not commit any offence under the law - and then a General Elections, a new government and a U-TURN, and the Public Prosecutor changes his mind, and Najib Razak ends up being charged for so many different offences, some of which he has already been convicted. After full trial, when the Court convicts and sentence > it demonstrated the 'wrong conclusions/findings' of the pre-GE14 MACC, Police and Public Prosecutor.
AZAM BAKI - will we have to wait for a change of government before we see any comprehensive investigation that may lead to charges in court?
“I explained to the panel that my trading account was used by my brother for his shares tradings and I have no interest nor have any part in this. The shares were bought in the open market and my brother had financed the purchases on his own,” said Azam.“The shares of the companies which he purchased were not involved in any investigations carried out by the MACC. All the shares had been transferred to my brother's own trading account,” he added.
The Securities Commission's '...not able to conclusively establish a breach under section 25(4) SICDA has occurred ...' statement is vague. So, there was evidence - but not enough to successfully prosecute - was that what the SC mean by 'not able to conclusively establish'? Were they just looking at whether Azam had breached 25(4), or were they looking at the 'third parties' that used his account?
It is interesting that the SC talks just about section 25(4) - so the question remains whether Azam and/or the third parties that used his share trading accounts have violated any section of the Securities Industry (Central Depositories) Act 1991 (SICDA) and/or related laws...
Azam was reported saying that 'that my trading account was used by my brother for his shares tradings ...' - but I wonder whether that brother also had his own trading account? If yes, why was he using Azam's and maybe even others to purchase shares.
Note Azam has publicly admitted(as reported) that he allowed his brother to use his share trading account - THUS, when SC statement is taken wrongly to mean that it is OK in Malaysia for people to buy, sell, trade....shares 'SECRETLY' using some other persons share trading account - this is a matter of major concern....
Will not make it so easy for 'money launderers', and those 'disqualified' from buying selling shares to do so?
REMEMBER what the SC said is limited to an offence under section 25(4) SICDA - but they did not pronounce that AZAM has not violated any other laws.
Other law enforcement agencies like the police and the MACC has not yet made any pronouncements about Azam Baki... Likewise, INCOME Tax
There then is the MISCONDUCT under PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS 1993 - But, has the relevant Disciplinary Body started investigations and commenced disciplinary proceedings - WHY THE DELAY HERE?
Then, there are allegations of violations of Service Circular Number 3/2002 – Ownership and Declaration of Assets by Public Officials, which prevents a public servant from owning more than RM100,000 worth of shares in any company.- no response yet from the government about this...
AZAM BAKI is the Malaysian Anti-Corruption Commission (MACC) chief commissioner, which deals with corruption, money laundering
What is Money Laundering?
Money laundering is a process of converting cash or property derived from criminal activities to give it a legitimate appearance. It is a process to clean ‘dirty’ money in order to disguise its criminal origin.
- Nation
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Wednesday, 05 Jan 2022
PUTRAJAYA: Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki will take legal action against those who had defamed him over the share issues.
He said action will also be taken against those who had tarnished his reputation and that of the MACC.
However, Azam did not give details of who he intends to take action against but pointed out that there are “interested groups” with a bad agenda against the organisation.
“They are using all possible avenues to erode the people’s trust in us by targeting the chief commissioner’s institution as a target of their attack,” he said.
“We know who they are and we know their agenda,” added Azam when addressing the press on Wednesday (Jan 4).
On the issue of shares, Azam maintained that he did not commit any wrongdoing nor was there a conflict of interest on his part and had explained to the anti-corruption advisory board panel on the matter.
“I explained to the panel that my trading account was used by my brother for his shares tradings and I have no interest nor have any part in this. The shares were bought in the open market and my brother had financed the purchases on his own,” said Azam.
“The shares of the companies which he purchased were not involved in any investigations carried out by the MACC. All the shares had been transferred to my brother's own trading account,” he added.
The top graft buster also answered allegations that he controlled several companies, describing the accusations as an “outright and total lie”.
“This accusation is meant to create a negative perception towards me as the chief commissioner and also the MACC,” he said.
Azam said he is aware of public concern over issues involving the commission of late, which has made all the good work and successes of the Commission seem pale in comparison.
“I am aware and humbled that this is among the challenges that the chief commissioner of the MACC has to face,” said Azam.
“I give the people my commitment and pledge that during my tenure as the head of MACC, I will carry out my duties and responsibilities that have been entrusted to me to the best of my ability,” he added.
“I will continue to lead the organisation to become a body that is professional in its actions, credible and of high integrity,” said Azam
SC says it can't establish SICDA breach in MACC chief Azam Baki's stock trading case
KUALA LUMPUR (Jan 18): The Securities Commission Malaysia (SC) announced Tuesday (Jan 18) that it has completed its inquiry into the share purchase claims made by Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, and that it could not conclusively establish if his trading account was not opened in his name as the beneficial owner or an authorised nominee.
In a statement, the capital market regulator said its inquiry into Azam's share trading case pertains to whether there is a potential breach under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA), which provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.
"The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under Section 25(4) SICDA has occurred," it said.
Azam, who has been embroiled in a proxy stock trading scandal, told a press conference earlier this month that his share trading account had been used by his younger brother to purchase shares in 2015, following allegations that the MACC chief had interests and shareholdings in several companies.
He also denied any wrongdoing and said the stocks purchased had been transferred to his brother's account.
Subsequently, the SC issued a statement on Jan 6 saying it would be in touch with Azam and the parties involved for an explanation, and "to verify the statements made, as well as gather any relevant evidence".
At the time, besides noting the stipulation under Section 25(4) of the SICDA, it also noted that Section 29A stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee. - Edge Markets, 18/1/2022
Azam Baki on being cleared by SC: I will continue to fight graft without fear or favour
Azam: I have been informed by the SC that the inquiry into the matter has been concluded. As such, it has closed the inquiry file accordingly.
KUALA LUMPUR (Jan 18): Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, who has been embroiled in a proxy stock trading scandal, issued a statement Tuesday (Jan 18) to record his gratitude that the Securities Commission Malaysia (SC) has found that he had not committed any offence.
"I have been informed by the SC that the inquiry into the matter has been concluded. As such, it has closed the inquiry file accordingly," he said.
"With that, I will continue my responsibility as the Chief Commissioner of the Malaysian Anti-Corruption Commission to fight corruption in the country without fear or favour," he added.
His statement came after the SC announced earlier on the same day that it had completed its inquiry into his share purchase claims, but could not conclusively establish if he had breached Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA), which provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.
The SC had, on Jan 6, announced it would look into the issue. At the time, besides Section 25, it also noted that Section 29A of SICDA stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee.
Azam told a press conference earlier this month that his share trading account had been used by his younger brother to purchase shares in 2015, following allegations that the MACC chief had interests and shareholdings in several companies.
He denied any wrongdoing and said the stocks purchased had subsequently been transferred to his brother's account. - Edge Markets, 18/1/2022
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