Double standards, one-liner’- DAP leaders blast SC for clearing Azam

 

Top leaders in federal opposition party DAP have criticised the Securities Commission (SC) for clearing MACC chief Azam Baki of any breaches of the Securities Industry (Central Depositories) Act 1991 (Sicda).

Earlier today, the capital markets regulator said it concluded its inquiry into Azam.

The SC began scrutinising the top public official after he said his brother Nasir Baki used the former's trading account to purchase shares.

In a statement today, DAP secretary-general Lim Guan Eng (above) questioned the SC’s findings.

“How can the SC perform its statutory duty if the SC can’t establish that Azam has breached Section 25(4) of Sicda when Azam has openly and publicly admitted that he had allowed his brother to conduct proxy share trading?

“Like every developed capital market in the world, Section 25(4) of Sicda has outlawed proxy share trading by providing that a trading account must be opened in the name of the beneficial owner or authorised nominee,” he remarked.

The former finance minister noted that the SC did not explain why Azam did not violate Sicda nor where he got sufficient funds for the share purchase.

Lim also pointed out that the commission had penalised individuals for proxy trading in the past.

For instance, in 2011, the SC compounded a person RM25,000 for allowing someone else to trade shares using her Central Depository System account.

“This is clearly double standards. Is SC going to return the fines they have paid and apologised for prosecuting them?

“Unless the SC can act against Azam, Section 25(4) of Sicda has been rendered impotent and broken,” the Bagan MP opined.

SC must explain

Like Lim, DAP deputy chairperson Gobind Singh Deo urged the SC to explain its findings.

“One-lined statements from the SC are insufficient. Make the details public.

“Explain who was called in to assist in the inquiry, what the inquiry revealed, what impact the evidence had on the law applicable, and why you are unable to conclude whether a breach occurred.

“Reasons should be given in support of any decision,” said the Puchong MP.

Gobind said the SC’s findings underscored the need for the Parliamentary Select Committee (PSC) on Agencies in the Prime Minister’s Department to convene a hearing on Azam’s share ownership controversy.

“The SC should also be called in to assist and explain their position at that hearing,” he added.

Originally scheduled for tomorrow, the PSC meeting on the matter was postponed after Azam said he objected to the nature of the oversight body’s probe.

Did Azam use his own account?

In light of the SC’s conclusion, DAP Bandar Kuching MP Dr Kelvin Yii Lee Wuen speculated if that meant Azam was lying.

“So the SC claims that they cannot conclusively ‘establish a breach’.

“Which basically confirms that Azam in all likelihood used his own account to buy those shares, not his brother. And lied about it,” he tweeted.

- Mkini