THE Securities Commission’s findings in the Azam Baki inquiry must be referred to the Attorney General’s Chambers for further investigation, Bukit Gelugor MP Ramkarpal Singh said today.

According to Ramkarpal, the AGC must step in to investigate the contradicting statement made by Azam, the Malaysian Anti-Corruption chief commissioner, and the findings of the SC.

“The conflicting accounts with Azam first saying his trading account was used by his brother, while SC later saying the account was used by Azam only is enough to arouse suspicion.

“It’s enough to get the AGC to open an investigation into the matter,” Ramkarpal said in reference to an article quoting an SC insider saying the regulator need not refer its findings to the AGC.

The source said the regulator found that Azam had not breached 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda).

The SC inquiry found that Azam had full control of his trading account, while he had previously stated it was his brother who used his account to buy shares in two companies following revelations about his financial history.

He is alleged to have bought 2.15 million shares in Excel Force MSC Bhd in 2015, 1.93 million shares in Gets Global Bhd the same year and 1.02 million shares the following year. At the time, Azam was MACC’s director of investigations.

“It is for the AGC to review the SC’s findings. The AGC also has the power to get the relevant body in the SC to conduct further investigations if it finds the need for it.

“The SC can ill afford to be seen as being involved in a cover-up. If indeed it is true that its investigations show that Azam did not commit an offence, then it is best that the matter is referred to the AGC to confirm the same,” he said.

The SC should also clarify whether what was said by the insider is also the regulator’s official stance, Ramkarpal added. – January 21, 2022.