YESTERDAY, the Securities Commission (SC) announced that Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki “is the named account holder and had control of the said trading account” with regard to the conflict of interest accusations levelled against the latter.
However, the announcement by SC may open the floodgates for (senior/high ranking) civil servants to openly participate in stock trading.
In clarifying the independent evidence gathered at the inquiry into Azam’s trading account, the market regulator highlighted that Azam has “operated the account that he had opened” and that “he had given instructions to buy, sell and transfer securities from the said account”.
“Therefore, the SC arrived at the decision that there was no breach of Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA),” it said, in a media statement.
But recall that a day earlier (Jan 18), the SC said based on the evidence gathered at the conclusion of its inquiry, it “is not able to conclusively establish that a breach under section 25(4) SICDA has occurred”.
While the SC has – to bluntly put it, let Azam off the hook – a market observer with knowledge of civil service assured justice seekers that “not everything is lost”.
“So they (the authorities) have confirmed that he (Azam) was the beneficial owner of the said shares and he traded. Now the onus is on the Chief Secretary to the Government (Tan Sri Mohd Zuki Ali) and the Public Service Department (PSD) to act as he (Azam) had breached Government regulations!” he told FocusM on condition of anonymity.
“The anxious public is now waiting for the chief secretary to crack the whip and act quickly … he has to strike while the iron rod is still hot.”
There is a dire consequence if Zuki fails to do so, according to the market observer.
“If the chief secretary closes an eye, then the floodgates will be open for all (especially senior/high ranking) civil servants to start trading in shares without control,” he pointed out. “Moreover, some of these civil servants are in the know about major deals and also approvals of projects which impact the share prices of the company (a form of insider trading).”
A FocusM check on the Behaviour and Discipline Management of Public Service Officer circular (Version 1.0 [2022]) reveals that civil servants are not prevented from purchasing shares provided as follows:
Last October, reports surfaced that Azam owned 1.9 million shares in GETS Global Bhd as of end-April 2015 and that his shareholding was reduced to 1.03 million shares as of end-May, 2016.
The same report also stated that he had 2.156 million Excel Force MSC Bhd warrants as of end-March 2016. The warrants can be converted into shares at an exercise price of 68 sen per share. – Jan 20, 2022.
https://focusmalaysia.my/azam-baki-fiasco-sc-sets-a-dangerous-precedent-psd-must-act-now/
Created by savemalaysia | Aug 25, 2024
Created by savemalaysia | Aug 25, 2024
Created by savemalaysia | Aug 25, 2024
Created by savemalaysia | Aug 25, 2024
PM cakap isu akaun saham Azam dah settle
Azam dah lepas
Lain kali Pakai laa otak sikit, tak pernah beli jual saham ker?
Kalau dah bodo jangan laa nak fitnah
2022-01-20 17:17
Shinnzaii
Check check larh...if his brother already have share trading account why his brother want to buy using his share trading account...can check the timing of opening share trading account ah?hehehe
2022-01-20 16:08