• Malay Mail

Report: Securities Commission to explain Azam Baki’s stock trading case to parliamentary panel tmrw

By Thasha Jayamanogaran, Malay Mail (16 February 2022) KUALA LUMPUR, Feb 16 – The Securities Commission (SC) will meet the Parliamentary Special Select Committee (PSSC) on Finance and Economy tomorrow to report its finding on MACC chief commissioner Tan Sri Azam Baki’s stock trading scandal. Subang MP Wong Chen who is PSSC deputy chairman told Malaysiakini that the committee will meet with the stock market regulator at 9am tomorrow. “Yes, the meeting is on. It has been scheduled for 9am on Thursday,” he was quoted as saying.

Wong had said that the meeting date was confirmed on Monday and that an invitation had been sent to all nine members of the committee, including its chairman Datuk Seri Hasan Arifin, who is from Umno and the Rompin MP. Wong also confirmed that he and Hasan would be attending the session. Other members of the committee are Datuk Seri Idris Jusoh (Umno-Besut), Datuk Seri Redzuan Yusof (Bersatu-Alor Gajah), Datuk Robert Lawson Chuat (GPS-Betong), Datuk Khairuddin Aman Razali (PAS-Kuala Nerus), Ong Kian Ming (DAP-Bangi), Teresa Kok (DAP-Seputeh) and Khalid Samad (Amanah-Shah Alam).

Wong said that they would issue a statement to the media after hearing what the SC has to say.

It was widely reported that Azam has an ownership of 1,930,000 shares in Gets Global Berhad (previously KBES Berhad) on April 30, 2015, worth around RM772,000 at the time.

Azam also held 2,156,000 warrants in Excel Force MSC Berhad in March 2016. Azam admitted in a press conference last month that he had allowed his younger brother, Nasir Baki, to use his stock trading account to buy millions worth of shares in two public-listed companies back in 2015.

He denied any wrongdoing, saying the amount has since been transferred to Nasir’s account. However, he has not explained publicly why Nasir had to use his account to buy those shares.

On January 18, SC issued a statement saying it had concluded an investigation into Azam and that based on evidence gathered, it was “not able to conclusively establish that a breach under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda) has occurred”.

Two days later, Prime Minister Datuk Seri Ismail Sabri Yaakob said the decision of the SC on Azam’s trading account should be accepted by all parties.