How the Azam shares controversy affects us

 

Azam Baki is the chief commissioner of the Malaysian Anti-Corruption Commission (MACC). He and his team investigate alleged corrupt individuals and companies. Someone in his position must be cleaner than clean, and whiter than white, but he compromised himself with his purchase of shares back in 2015 and 2016.

Anyone who works in a private company is aware that there is a basic set of rules for employees and members of the board. Those who work in the civil service have to observe a code of conduct.

Azam had previously admitted that he had allowed his brother, Nasir, to use his trading account to buy millions of shares in two public-listed companies. He was in potential breach of Section 25(4) of the Securities Central Depository Act 1991 (Sicda), which states that a trading account must be opened in the name of the beneficial owner or authorised nominee.

On Jan 18, the Securities Commission (SC) said that after investigating, it could not “conclusively establish” that a breach had occurred. After a public outcry, and allegations of “sitting on the fence”, the SC changed its tune the next day and said it had discovered no wrongdoing because it found no proxy trading, as Azam carried out the share transactions himself.

Following the first SC press statement, the Cabinet met to discuss the Azam case.

Meanwhile, Azam also refused to appear before the Parliamentary Select Committee for Agencies under the Prime Minister’s Department to get to the bottom of the affair.

The Azam Baki case has been badly handled from the time the allegations first appeared in public. Economist Edmund Terence Gomez had resigned from the MACC’s Consultation and Corruption Prevention Panel in December in protest against the failure of the MACC to deal with his request to investigate Azam’s share dealings.

When all hell broke loose in early January over the allegations against Azam, law minister Wan Junaidi Tuanku Jaafar moved in to pacify an angry public, saying the case would be conducted in accordance with the law, and that investigations would be led by the SC and the police. He said the views of the Anti-Corruption Advisory Board (ACAB) would also be incorporated into the findings.

What we were promised was one thing. In the end, we did not receive an honest and transparent investigation from the SC.

The handling of the investigation into Azam’s scandal has confirmed three things about the government:

• Ismail Sabri Yaakob, the prime minister, is weak and lacks leadership qualities. He reacts to allegations when he should be taking the initiative to do what he promised to do, which is to tackle corruption. His administration is rudderless.
• The agencies of the government, namely the SC and the MACC, do not operate in the interests of the people. They only serve their own interests.
• There is no justice. While top civil servants, politicians and the well-connected can get away with a slap on the wrist, the ordinary folk is punished for even the slightest offence.

Malaysia needs an independent investigation into Azamgate. - FMT

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.