Guan Eng: Azam’s stock trading saga turning into ‘a hydra of lies’

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A devious conspiracy by Azam.

The conclusion reached by the Securities Commission (SC) Malaysia following its inquiry into the alleged proxy stock trading involving Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki and his brother, Nasir Baki, serves to reinforce the impression that the latter “lied” during his January 5 press conference, said DAP secretary-general Lim Guan Eng.

In a statement today, the Bagan MP demanded that Prime Minister Datuk Seri Ismail Sabri Yaakob take immediate action and suspend Azam pending a full investigation by an independent panel, should he accept the SC’s findings that leave the origin of the shares in question unanswered.

“Clearly, this is a devious conspiracy by Azam to hide his unexplained wealth of shares and extraordinary volume and quantum of shares trading beyond his financial ability as a civil servant.

“This is what the prime minister should focus upon to get to the bottom of the Azam shares shenanigans by seeking the truth from facts instead of manipulating reality to hide criminal wrongdoing,” he said in the statement.

The lawmaker said that the Opposition’s refusal to accept the SC’s earlier decision had been proven correct by its latest clarification, issued yesterday, where it concluded that there was no proxy trading involving Azam’s account by his younger brother, as claimed by Azam on January 5.

“In other words, Azam lied when he tried to justify his holdings of millions of ringgit of shares and share transactions involving millions and millions of ringgit by claiming that his share trading account was used as a proxy by his brother.

Afif Abd Halim/TMI

“The Azam scandal has now turned into a hydra of lies when one lie is exposed, more is required to cover up,” he said.

The SC said that in its inquiry into Azam, there was no breach of Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA) in relation to Azam’s trading account.

In a statement, the SC clarified that the independent evidence gathered showed that the latter was the account holder and had control of said trading account.

The SC did not elaborate on what the next course of action would be or if it would be making any recommendation to any other body.

Previously, the SC explained in a statement on January 6 that all trades and securities accounts opened with the central depository must be made in the name of the beneficial owner of the account or an authorised nominee.

Azam has maintained he did no wrong even as his critics accused him of conflict of interest and abusing his position.

He has also said he plans to take legal action against the person who wrote the articles alleging conflict of interest last year, which sparked the controversy. – MMO