If people allow OTHERS(maybe even foreigners, the untitled, etc) to acquire shares, property, contracts. licenses, etc by allowing them to use or transact through accounts(including share trading accounts) of another, this OUGHT to be wrong. So, MACC's Azam Baki's action raises serious questions ... For those not familiar with the history of this case - see the Malay Mail report below entitled, 'How the Azam Baki share saga unfolded'
Malaysia already has Ministers claiming that monies that flows in and out of their personal bank accounts were not their own monies, or 'transactions done by another...' - that the monies were really 'political funds' for their parties...
Now, we have the Malaysian Anti-Corruption Commission (MACC) chief Azam Baki saying that his personal share trading account was used by OTHERS...i.e. 'shares under his name were not HIS, ...'
IS IT OK FOR YOU TO BUY PROPERTY, SHARES for 'others' using your name?
Using share trading account - now, the questions that arises in the Azam Baki case can be :-
1 - Why did the brother use Azam Baki's share trading account? Was it to hide the identity of the person acquiring the shares from the government, others...? Was it to hide the 'source of monies'? How was the money paid for the shares....was it paid through Azam Baki's accounts? Where did the monies for sale of shares and dividends paid to? Did Azam Baki receive any 'payment' for the use of his share trading account by another?
2 - WHO ELSE did Azam Baki allow his share trading account used by?
3 - Applying for a share trading accounts is rather simple - Did Azam's brother not have his own account? Was he 'disqualified' from maintaining a share trading account? Was he using 'questionable monies'....money laundering? Tax avoidance? Anyway Azam Baki's brother may need to be investigated too by MACC, Police too.
In any event. it is all very suspicious?
As a PUBLIC SERVANT, Azam Baki was supposed to '....an officer or his spouse or child acquires any property, either directly or indirectly, or any property acquired by him or by his spouse or child is disposed of, that officer shall immediately declare such acquisition or disposal of property to his Head of Department. Regulations 10 PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS 1993
Did Azam Baki make the said Declarations when he acquired and/or disposed the said shares?
One worry has always been fellow officers turning BLIND to the law - attempt to justify the WRONG...even going as far as even causing the 'tampering' of evidence...
Theft of RM10 and theft of RM1 million is STILL Theft...but we have a sitting Minister Wan Junaidi Tuanku Jaafar ' in 2016, the one million shares was only valued at RM330,000 – approximately priced between 30 sen and 33 sen per share....' so what is he saying, the value makes it no CRIME? I do not see that in our Laws. That Minister also said “I believe it is affordable to many of us....' - hello, most in Malaysia barely earn enough to live - no money to save ...and no money to buy shares? Is Wan Junaidi too rich and unaware of peoples' reality?
What makes it worse, is his suggestion that it is not a CRIME and the only prohibition is trading in futures market....HELLO, I urge this Minister to have a look at the PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS 1993PU(A) 395/1993 -
He is right about = 16 Involvement in the futures market No officer shall involve himself as a buyer or seller or otherwise in any local or foreign futures market.
BUT then look at the other rules --- One the declaration of assets, and the need for immediate declaration of new asset/property - Did Azam Baki make the needed declarations?
10 Ownership property
(1) An officer shall, on his appointment to the public service or at any time thereafter as may be required by the Government, declare in writing to his Head of Department all properties owned by him or by his spouse or child or held by any person on his behalf or on behalf of his spouse or child.
(2) An officer who does not own any property shall make a declaration in writing to that effect.
(3) Where, after making a declaration under subregulation (1), an officer or his spouse or child acquires any property, either directly or indirectly, or any property acquired by him or by his spouse or child is disposed of, that officer shall immediately declare such acquisition or disposal of property to his Head of Department....
REMEMBER 'Maintaining a standard of living beyond emoluments and legitimate private means' is under the PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS. So, if you see some public officers driving an expensive car, living in a BIG house and carrying out a lifestyle beyond his salary and/or legitimate income - REPORT IT.
Where did the money come from?
IN FACT, the whole issue has BLOWN UP now....so, the question is how to deal with it? In my OPINION, the necessary steps must be done starting with SUSPENSION OF AZAM BAKI PENDING INVESTIGATION WITH A POSSIBILITY OF A DISCIPLINARY PROCEDURE -on the face of it, he may have violated PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS 1993PU(A) 395/1993.
He may have also committed crimes - and the relevant law enforcement agencies need to investigate, and prosecute if need be ...but with regard to CRIMES, one is presumed innocent until found guilty in court...SUSPENSION may not be reasonable - but for a disciplinary matter, it is key. PUBLIC OFFICERS (CONDUCT AND DISCIPLINE) REGULATIONS 1993PU(A) 395/1993
Then, as ,the HEAD of MACC - he has the ability to maybe tamper with evidence ...so, maybe a removal from MACC may be better - maybe a transfer to another department...
He has admitted to violating Securities Industry (Central Depositories) Act (SICDA) - so, he can be speedily charged for that offense? Why the delay???
see earlier posts:-
Malaysian Anti-Corruption 'problems', 5 check and blance mechanisms, silence of the Parliamentarians' Special Committee on Corruption?
Azam Baki (innocent until proven guilty) but suitability to remain MACC chief??? Terence (MACC Panel member) 'quits'
An affordable RM330,000 when first obtained in 2016, says Wan Junaidi on Azam Baki's share trading controversy
Nation
Sunday, 09 Jan 2022 11:56 AM MYT
The Minister in the Prime Minister’s Department (Parliament and Law) explained that when the shares were first purchased in 2016, the one million shares was only valued at RM330,000 – approximately priced between 30 sen and 33 sen per share.
“The current share size he is holding at the moment was accumulated over the years. Based on the initial price, it is not an expensive share to acquire," said Dr Wan Junaidi.
“I believe it is affordable to many of us. And for those who are active stock market traders, it is also normal to gradually increase your shareholding over time, especially when you see the potential,” he said, adding that there is no law or regulations preventing government servants from acquiring shares in public listed companies," he added.
Wan Junaidi also said that under the Public Officers Regulations Act (Conduct and Discipline) 1993, government servants are only prohibited from trading in futures markets, locally and abroad while those who own shares in public listed companies are required to declare them as assets.
Meanwhile, on demands to place the MACC under Parliament, Dr Wan Junaidi said this was not a simple matter and added that this needs to be looked into carefully.
“In order for the MACC to be effective, it needs to operate independently," said Dr Wan Junaidi.
“The establishment of the MACC under the MACC Act 2009 (Act 694) ensures the Commission's independence and this should not be compromised in any way,” he added in a statement on Saturday (Jan 8).
On Wednesday, Azam told a media conference that he had explained to the anti-corruption advisory board that he had given his younger brother permission to use his trading account to acquire shares in the open market sometime in 2015.
Azam had also said he had informed his superiors on the matter back then and his brother had transferred the shares to his own account a year later.
Allegations recently surfaced that Azam owned a substantial number of shares in Gets Global Bhd as well as Excel Force MSC Bhd between 2015 and 2016 when he was the MACC director of investigations.
Azam maintained that he did not commit any wrongdoing. - Star, 9/1/2022
Securities Commission to call up Azam Baki over claims brother bought shares using his account
KUALA LUMPUR: The Securities Commission Malaysia (SC) will call up Tan Sri Azam Baki following allegations of him purchasing stock market shares in 2015.
In a statement today, the SC said it wanted the Malaysian Anti-Corruption Commission (MACC) chief commissioner to verify the statements made as well as to gather any relevant evidence.
"Under Section 25 of the Securities Industry (Central Depositories) Act 1991(SICDA), every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.
"In addition, 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," it said.
In December last year, MACC Consultation and Corruption Prevention Panel member Professor Edmund Terence Gomez had resigned his position following what he claimed was inaction by the panel in investigating Azam for claims that he owned millions of shares in two companies.
His resignation letter was uploaded on social media and went viral.
Yesterday, the commission's Anti-Corruption Advisory Board (ACAB) announced in a press conference that it had actually met with Azam in November and had been satisfied by his explanation that the shares were purchased in 2015 by his brother Nasir using Azam's account.
The shares were later that year transferred to Nasir's account once he had opened one. NST, 6/1/2022
How the Azam Baki share saga unfolded
KUALA LUMPUR, Jan 14 — Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki has been embroiled in a share trading controversy that is now the subject of at least two investigations.
Azam is being investigated by the Securities Commission for allowing his brother to operate his share-trading account and has been summoned by a parliamentary select committee over the same matter.
Here is a timeline of the controversy.
Edisi Siasati
In October 2021, an anonymously-operated Twitter account named Edisi Siasat began posting allegations of irregularity at the MACC and the police, eventually naming Azam as among those involved.
It alleged Azam purchased millions of shares in a company back in 2015, questioning how a civil servant was able to afford these.
Activist Lalitha Kunaratnam reports on controversy
On October 26, 2021, activist Lalitha Kunaratnam wrote an article titled “Business Ties Among MACC Leadership: How Deep Does It Go?” on the Independent News Service (INS) website.
In it, she cited publicly accessible records to show stock trading activities purportedly of Azam and his brother, Nasir Baki.
Lalitha went on to question if Nizam had declared his millions of shares as required under Section 10 of the Public Officers Regulation (Conduct and Discipline) 1993.
The section states that all public servants must declare both movable properties, such as money in bank accounts, motor vehicles, jewelleries, firearms, shares, warrants, stocks, bonds and securities, as well as immovable properties, such as land, landed properties, and of course, business ownership or directorship.
Edisi Siasat becomes Edisi Khas
After it backed Lalitha on her allegations, Edisi Siasat was repeatedly reported to Twitter, leading to its eventual suspension on November 28, 2021.
The person or persons behind the account continued to communicate with followers using a previously established Telegram account, in which it was alleged the corruption reached the highest levels of the Home Ministry.
It further claimed the ministry was protecting Azam as it was allegedly aware of the corruption involving other officials.
On December 1, 2021, the account reemerged on Twitter, this time under the handle of Edisi Khas.
Upon its return, it accused several ministers of collusion to protect Azam.
Edisi Khas posts shareholding records
On December 9, 2021, Edisi Khas posted a shareholding analysis of Gets Global Berhad (formerly known as KBES Berhad) that detailed the equity of its top 30 stakeholders as of March 31, 2016.
This appeared to show Azam as the owner of over a million shares and his brother, Nasir, as that of 3.7 million more.
It also posted further documents that appeared to name Azam as the owner of 2.1 million warrants in Excel Force MSC Berhad.
MPs call for probe on Azam Baki’s sahareholdings
On December 14, 2021 PKR MP Sivarasa Rasiah filed an urgent motion for Parliament to discuss the allegations against Azam but this was rejected by the Speaker
Two weeks later, six federal lawmakers proposed an independent investigation by a parliamentary select committee into the controversy.
MACC panel member Terrence Gomez quits
On December 27, Professor Edmund Terrence Gomez announced he was resigning from the MACC Consultation and Corruption Prevention Panel, alleging inaction over the allegations surrounding Azam.
Gomez said his three emails to panel chairman Borhan Dollah and MACC Anti-Corruption Advisory Board chairman Tan Sri Abu Zahar Nika Ujang failed to elicit any response.
Azam finally breaks silence
On January 5, Azam responded to the allegations at last but did not deny the stock transactions.
Instead, he claimed the trades had been executed by his brother using Azam’s share-trading account.
He further claimed he previously explained this to Abu Zahar, who accepted his explanation.
However, Azam saying he allowed his brother to use his trading account appeared to be an admission of his violation of the Securities Industry (Central Depositories) Act (SICDA).
Securities Commission summons Azam
The Securities Commission (SC) said the same day that it would summon Azam and others involved to explain his remarks about allowing Nasir to trade using his account.
The SC said Section 25 of the SICDA required every securities account opened with a central depository to be in the name of the beneficial owner or authorised nominee while Section 29A required all trades to be effected only by the beneficial owner or authorised nominee.
Azam demands damages, apology from Lalitha
On January 6, Lalitha disclosed that Azam’s lawyers had served her with a letter of demand for a public apology, retraction, and RM10 million in damages over the allegations she made against him.
PM Ismail Sabri addresses controversy
On January 8, Prime Minister Ismail Datuk Seri Ismail Sabri Yaakob at last commented on the controversy involving Azam Baki, whose commission came under the former’s authority.
Ismail noted that the relevant authorities were investigating the matter, including the SC and the MACC.
MACC advisory board members disavow Abu Zahar’s comments
On the same day, six MACC advisory board members distanced themselves from Abu Zahar’s remarks that cleared Azam of any wrongdoing in the controversy.
The six — Tan Sri Ismail Omar, Datuk Seri Azman Ujang, Datuk Seri Akhbar Satar, Datuk Hamzah Kassim, Datuk David Chua Kok Te and Prof Datuk Dr Mohammad Agus Yusoff — said that the Abu Zahar’s statement did not reflect the decision of the board as a whole.
Azam says will not resign over controversy
On January 12, Azam said he will not resign and insisted he could only be removed as the MACC chief by the Yang diPertuan Agong.
PSC summons Azam
On January 12, members of the Parliamentary Special Select Committee (PSC) on Agencies under the Prime Minister’s Department said it has summoned Azam to explain himself over the controversy.
The hearing has been set for January 19. - Malay Mail, 14/1/2022
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