Finance Ministry or SC to sort out an official statement on Azam Baki share trading issue, says Wan Junaidi


PETALING JAYA: The Cabinet has left it to the Finance Ministry or Security Commission (SC) to sort out an official statement with regard to the controversial share problem surrounding Datuk Seri Azam Baki, mentioned Datuk Seri Dr Wan Junaidi Tuanku Jaafar (pic).

“It was mentioned at size the professionals and cons (associated to Azam’s share possession) within the cupboard assembly this morning (Jan 19).

“The Cabinet determined that for the reason that SC is below Finance Ministry, the statement is both coming from the SC or the Finance Ministry, after which we’ll take the factor from there,” Wan Junaidi mentioned when contacted by The Star on Wednesday (Jan 19) night time.

The controversy concerned substantial quantities of shares purchased from Gets Global Bhd and Excel Force MSC Bhd between 2015 and 2016 when Azam was the MACC director of investigations.

There had been calls urging the SC to probe the matter and on Tuesday (Jan 18) the fee mentioned it was not ready to decide whether or not there was a breach of regulation in relation to the trading account of Azam.

SC mentioned that as a capital market regulator, its regulatory remit was set out below the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and the Securities Industry (Central Depositories) Act 1991 (SICDA).

“The SC has concluded its inquiry and primarily based on the proof gathered, the SC is just not ready to conclusively set up {that a} breach below Section 25(4) SICDA has occurred,” mentioned the SC within the Tuesday (Jan 18) press statement.

Following robust requires extra particulars into SC’s investigation, the fee on Wednesday, the SC issued a 4 paragraph second statement, saying that proof gathered in its inquiry into Azam’s share trading account confirmed that the MACC chief was the named account holder, and had management of the mentioned trading account.

“Azam operated the account that he had opened, in that he had given directions to purchase, promote and switch securities from the mentioned account.

“Therefore, the SC arrived on the determination that there was no breach of Section 25(4) of the SICDA,” mentioned SC.

Section 25(4) supplies {that a} trading account should be opened within the title of the helpful proprietor or authorised nominee.

Azam had denied any wrongdoing on Jan 8 in a press convention, saying he was prepared to face the authorities as a result of he had nothing to cover.

On Tuesday, Azam mentioned he was grateful over the fee’s determination and that he would proceed carrying out his duties as MACC chief commissioner.

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