Ex-MACC oversight board chair Tunku Abdul Aziz: Find out Azam’s source of funds

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Azam Baki’s source of money to purchase shares must be investigated, said Tunku Abdul Aziz Tunku Ibrahim.

The Malaysian Anti-Corruption Commission chief commissioner may have brought his brother into the picture to hide possible corrupt activity, he added.

“The authorities must investigate the allegation against Azam and find out how and where he got the money to buy the shares,” he told The Malaysian Insight.

“From experience, this can be used as an instrument to hide corrupt activity.”

The former MACC Anti-Corruption Advisory Board chairman said even if it is legal to allow one’s sibling to operate one’s trading account, it can be construed as a device for hiding one’s own corrupt activity.

“In other words, his corrupt money is parked there, but when people ask him, he says it is not his, it is his brother’s, and this requires more than just seeking clarification.”

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

Azam said he allowed his brother, Nasir, to use his trading account to purchase shares from the two companies. The MACC Anti-Corruption Advisory Board has cleared him of any wrongdoing.

However, the Securities Commission announced that it will question the chief commissioner over his ownership of corporate shares and possible breach of regulations, since he admitted that his brother used his account.

According to section 25 of the Securities Industry (Central Depositories) Act 1991, each securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or an authorised nominee.

The Special Select Committee on Agencies under the Prime Minister’s Department will meet to discuss the chief commissioner’s controversial shares ownership on Wednesday.

DAP adviser Lim Kit Siang has urged Azam to voluntarily appear before the committee.

Azam stressed that he will not resign, amid mounting pressure for him to do so, claiming only the Yang di-Pertuan Agong can terminate his service. – TMI

Earlier reports:

Jan 13, Azam ordered to appear at PSC meeting next Wednesday

Jan 12, Azam: Only King can ask me to resign

Jan 8, Police probing Azam Baki

Jan 7, Pakatan: Don’t just probe Azam Baki, but also Abu Zahar, past MACC chiefs

Jan 6, Azam Baki demands RM10m, apology from researcher who blew whistle on his millions of shares

Jan 6, Securities Commission seeks Azam Baki’s explanation over admission of proxy share trading

Jan 5, MACC chief breaks silence on stock ownership