MP: SC must clarify if probe on Azam Baki referred to AGC

The Securities Commission (SC) has been urged to clarify whether they would submit their investigation papers on MACC chief commissioner Azam Baki to the Attorney General Chambers (AGC).

In a statement today, Bukit Gelugor MP and lawyer Ramkarpal Singh (above) said it was not unusual for an investigating body to refer its findings to the AGC even when those findings initially suggest that an offence has not been committed.

"Indeed, in the case of Teoh Beng Hock, the AGC had referred the investigation papers back to the MACC on a number of occasions despite the latter's finding that there was insufficient evidence from its investigations," he said.

In Azam's case, said Ramkarpal, the SC's findings contradicted public statements made by Azam.

"This alone is enough to arouse major suspicion as to whether Azam did commit an offence under Section 25(4) of the Securities Industry (Central Depositories) Act 1991.

"It is only proper, in such circumstances, for the SC to refer its findings to the AGC for its consideration as the AGC is better equipped to determine if an offence has been committed," said Ramkarpal.

Ramkarpal was commenting on an FMT article that cited an anonymous source from the SC, saying that there was no need for the SC to submit its investigation papers to the AGC.

The SC probed Azam after the latter publicly stated that his trading account was used by his brother to acquire warrants in Excel Force MSC Bhd.

According to the company's 2015 annual report, Azam was a significant warrant holder as of March 2016.

Following this, the SC said its investigations suggested that Azam did not violate Section 25(4) because he was in full control of his trading accounts.

Critics pointed out that this could only mean SC investigations had contradicted what Azam said over the contentious equity transaction.

However, Prime Minister Ismail Sabri Yaakob, who oversees the MACC, has urged the public to "respect" the SC's decision.- Mkini