THE shares ownership controversy involving the country’s top anti-corruption officer and the resulting attacks by his supporters against the Securities Commission (SC) tasked with investigating the matter will not only erode the public’s confidence but also erode the trust of foreign investors, Tunku Abdul Aziz Tunku Ibrahim said. 

The former Malaysian Anti-Corruption Commission (MACC) Anti-Corruption Advisory Board chairman said another corruption saga, on top of the existing scandals, will further taint the image of the country and push investors away.

“This (corrupt practices at top level) will not only affect the confidence of the public but also the confidence of the investors. 

“The country is already at rock bottom at the moment. All the country needs is this kind of scandal to drive foreign investors away. 

“Nobody will invest in a country that openly tolerates corruption,” he told The Malaysian Insight. 

MACC chief commissioner Azam Baki has come under scrutiny over his shares ownership in two public listed companies in 2015 and 2016 when he was MACC’s head of investigations. Questions abound on how he could have afforded millions of shares on a civil servant’s income, and whether he breached SC laws after admitting that he had let his shares trading account be used by his brother.

Azam has denied any wrongdoing, saying the shares bought by his brother with his account was later transferred to the brother, and as such he (Azam) had no pecuniary benefit.

After the SC announced it would question him, a report was lodged with the MACC alleging corruption by some of the SC’s senior officials. The SC has not publicly responded to these claims.

Social media attacks of those criticising Azam by newly created Twitter accounts, and a statement by MACC deputy commissioners pledging their support for him and calling the allegations against Azam “politically motivated”, have created the impression of a civil war within the civil service, some observers have said.

Tunku Aziz said this will erode the public’s trust in the government. 

He said the public will never accept and agree with such corrupt practices at the top level. 

“They must realise that there is no way the public will accept (such corruption practices at top institutions).

“Public confidence is difficult to acquire but most importantly, it is even more difficult to keep. By the slightest action, which gives rise to suspicion, you’re finished,” he said.

Transparency International Malaysia (TI-M) president Dr Muhammad Mohan was also of the same view. 

He said that a conflict between two top institutions does not bode well and suggested that each must be fair when investigating one another. 

“Public confidence in our institutions and agencies will erode when there are conflicts between important agencies.

“Certain media reports say that MACC has received complaints against certain officers and board members of the SC regarding possible corrupt activities. This is hot on the heels of SC announcing that they would be questioning the MACC chief commissioner on the alleged use of his share trading account by his brother. 

“We trust that MACC will investigate the said complaints in a fair, independent and professional manner and not for any other purpose. Needless to say, SC should also be taking the said complaints seriously and undertake their own investigation of the alleged wrongdoing,” he said. 

Azam Baki allegedly owned 2.15 million shares in Excel Force MSC Bhd in 2015, as well as 1.93 million shares in Gets Global Bhd in the same year and 1.02 million shares the following year.

MACC has said it is set to investigate the SC after it received a report alleging corrupt practices among key senior SC officials.

The report was lodged by a group calling itself Rakyat Malaysia Prihatin about which little is known.

It came soon after the SC’s announcement that it would question Azam over his ownership of corporate shares and possible breach of regulations, since he admitted that his brother, Nasir, had used his shares trading account.

According to SC, section 25 of the Securities Industry (Central Depositories) Act 1991 states that every securities account opened with a central depository must be in the name of the depositor or an authorised nominee. – January 18, 2022.