Azam’s shares ‘affordable’ at RM330K, says law minister

 

Law minister Wan Junaidi Tuanku Jaafar said Azam Baki’s one million shares were acquired at 30 to 33 sen apiece in 2016. (Bernama pic)

PETALING JAYA: Shares owned by Malaysian Anti-Corruption Commission chief Azam Baki were “not expensive” when they were acquired in 2016, says law minister Wan Junaidi Tuanku Jaafar.

He said the shares were priced at between 30 sen and 33 sen per share and the one million units were valued at RM330,000 at the time.

“Based on the initial price, the shares were not expensive to acquire. I believe it is affordable for many of us. And for those who are active stock market traders, it is normal to increase your shareholding over time,” he said in a statement today.

He said there were no laws or regulations preventing government servants from acquiring shares in public-listed companies. The regulations prohibited government servants only from trading in the futures markets, while those who own shares in public-listed companies are required to declare them as assets.

On demands to place MACC under Parliament, Wan Junaidi said it was not a simple matter and needed to be looked into carefully.

“In order for MACC to be effective, it needs to operate independently. MACC’s establishment under the MACC Act 2009 ensures the commission’s independence. This should not be compromised in any way,” he said.

He added that Azam was being investigated by the Securities Commission Malaysia (SC) and the police, while the views from the Anti-Corruption Advisory Board (ACAB) would be taken into consideration. (The police said this evening that the matter had been referred to the SC for investigation.)

“I am aware that many are demanding for action to be taken against him. I would like to remind everyone that this matter is still under investigation and we can only make a decision after the investigation is complete.

“Pending its completion, I hope everyone will stay calm as we are trying our best to resolve it in the best manner possible,” he said.

On Wednesday, the ACAB said it had cleared Azam of any wrongdoing over his purchase and ownership of corporate shares in 2015. Azam revealed on the same day that he had allowed his younger brother Nasir to use his trading account.

The SC has since said it would get in touch with Azam for an explanation.

In a petition late last month, the reform group Aliran called for jurisdiction over MACC to be moved from the Prime Minister’s Department to Parliament, where it could be supervised by a bipartisan parliamentary select committee. - FMT