DAP’s Lim Guan Eng has accused Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki of lying over his share purchases to cover up his “unexplained wealth” and wants the prime minister to take action.

The DAP secretary-general said the Securities Commission’s (SC) latest statement yesterday, which clarified that there was no proxy trading of shares using Azam’s account as claimed by him (Azam), showed the MACC chief had lied.

The SC yesterday said that Azam was the account holder and had control of his trading account for all transactions.

As such, there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991, which stipulates a trading account can only be used by the beneficial owner or authorised nominee, the SC said.

“The Azam scandal has now turned into a hydra of lies when one lie is exposed, more is required to cover up,” Lim said in a statement today.
“Clearly this is a devious conspiracy by Azam to hide his unexplained wealth of shares and extraordinary volume and quantum of shares trading beyond his financial ability as a civil servant.

“This is what Prime Minister Ismail Sabri Yaakob should focus upon to get to the bottom of the shares shenanigans by seeking truth from facts instead of manipulating reality to hide criminal wrongdoing.

“If the prime minister accepts the decision of SC that Azam lied when he claimed that his shares account was used by Azam’s brother as a proxy, then he should immediately take action by asking Azam to go on leave pending an independent and impartial investigation by a credible panel who can carry out their duties without fear or favour,” the Bagan MP added.

Reacting to the SC’s latest statement, Ismail had yesterday called on all parties to accept the regulator’s findings.

Ismail also said there is no longer a case against Azam, as the government had accepted the SC’s decision.

However, Lim today asked if the prime minister would still act on the matter of Azam trying to hide his wealth.

He said Ismail should stop “the government’s dishonest attempt to cover up for Azam” by shielding him from any punishment.

At a press conference on January 5, Azam said the shares were bought by his brother Nasir using his (Azam’s) trading account, and were later transferred to the brother, leaving him with no pecuniary interest.

He also said he informed his superiors at the time about the purchase and they raised no concerns.

Based on his explanation, MACC Anti-Corruption Advisory Board chairman Abu Zahar Ujang “cleared” the chief commissioner of wrongdoing, despite mounting calls for an independent, external investigation.

The SC announced its probe into the matter the following day, on January 6. Two weeks later, on Tuesday this week, the regulator said in a brief statement that it could not conclusively find any breach of law.

The next day, it clarified its first statement, that Azam had always been in control of his trading account. – January 20, 2022.