Guan Eng accuses Securities Commission of covering up for MACC chief
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DAP secretary-general Lim Guan Eng speaks during a press conference at PKR’s headquarters in Petaling Jaya October 29, 2021. — Picture by Miera Zulyana
KUALA LUMPUR, Jan 19 — The Securities Commission Malaysia (SC) has tarnished its image over its apparent indecision in establishing if Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki committed any wrongdoing in his recent public share ownership controversy, an Opposition leader said today.
DAP secretary-general Lim Guan Eng said the SC gave the impression that it was covering up for Azam by stating its investigations were inconclusive, even though the law states Azam had breached Section 25(4) of the Securities Industry (Central Depositories) Act 1991.
“Such a dishonest and irresponsible statement from the SC has not only tarnished the reputation of the SC in regulating and enforcing compliance but also put investor confidence in our country’s capital market at risk.
“Like every developed capital market in the world, Malaysia has outlawed proxy share trading through Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda). How can SC not act when Azam has openly and publicly admitted that he had allowed his brother to conduct proxy share trading?” the MP for Bagan said in a statement today.
“There have been reports that SC had not acted because Azam Baki had actually lied when he claimed that his brother had conducted proxy share trading through Azam’s account.
“If that is the case, then SC should come out clearly and unequivocally that Azam had conducted share trading transactions himself instead of a statement that is seen as covering up for Azam and clearing him of any wrongdoing.”
Azam has been accused of owning millions in shares under his name in multiple public-listed companies which he said were bought by his younger brother, Nasir Baki.
Azam said in a press conference earlier this month that he had allowed Nasir to use
KUALA LUMPUR, Jan 19 — The Securities Commission Malaysia (SC) has tarnished its image over its apparent indecision in establishing if Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki committed any wrongdoing in his recent public share ownership controversy, an Opposition leader said today.
DAP secretary-general Lim Guan Eng said the SC gave the impression that it was covering up for Azam by stating its investigations were inconclusive, even though the law states Azam had breached Section 25(4) of the Securities Industry (Central Depositories) Act 1991.
“Such a dishonest and irresponsible statement from the SC has not only tarnished the reputation of the SC in regulating and enforcing compliance but also put investor confidence in our country’s capital market at risk.
“Like every developed capital market in the world, Malaysia has outlawed proxy share trading through Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda). How can SC not act when Azam has openly and publicly admitted that he had allowed his brother to conduct proxy share trading?” the MP for Bagan said in a statement today.
“There have been reports that SC had not acted because Azam Baki had actually lied when he claimed that his brother had conducted proxy share trading through Azam’s account.
“If that is the case, then SC should come out clearly and unequivocally that Azam had conducted share trading transactions himself instead of a statement that is seen as covering up for Azam and clearing him of any wrongdoing.”
Azam has been accused of owning millions in shares under his name in multiple public-listed companies which he said were bought by his younger brother, Nasir Baki.
Azam said in a press conference earlier this month that he had allowed Nasir to use
Of course the SC is covering up for Azam. What a question!
ReplyDeleteLu tolong gua, gua tolong lu.