SC to explain Azam Baki case to PSSC tomorrow
According to the committee's deputy chairperson, Subang MP Wong Chen, the PSSC will meet with the stock market regulatory body at 9am tomorrow, Feb 17...
The Securities Commission (SC) is scheduled to meet the Parliament Special Select Committee (PSSC) on Finance and Economy tomorrow to explain its findings on MACC chief Azam Baki, who was recently implicated in a shares ownership scandal.
According to the committee's deputy chairperson, Subang MP Wong Chen, the PSSC will meet with the stock market regulatory body at 9am tomorrow, Feb 17.
"Yes, the meeting is on. It has been scheduled for 9am on Thursday," he told Malaysiakini last night.
According to Wong, the meeting date was set and confirmed on Monday. It is to be held at the SC's headquarters in Kuala Lumpur.
He said an invitation had been sent to all nine members of the committee, including its chairperson Hasan Arifin, who is from Umno and the Rompin MP.
Wong said he and Hasan will be attending the session. Other members of the committee are Idris Jusoh (Umno-Besut), Redzuan Yusof (Bersatu-Alor Gajah), Robert Lawson Chuat (GPS-Betong), Khairuddin Aman Razali (PAS-Kuala Nerus), Ong Kian Ming (DAP-Bangi), Teresa Kok (DAP-Seputeh), and Khalid Samad (Amanah-Shah Alam).
Asked for further plans of the PSSC, Wong said they will see what SC has to say first and that they will be issuing a statement after the meeting is concluded.
Cannot conclude breach occurred
On Jan 21, Malaysiakini reported the committee planned to summon the SC for an inquiry and get an explanation from the regulatory body over Azam's share ownership.
Azam came under the spotlight over his ownership of 1,930,000 shares in Gets Global Berhad (previously KBES Berhad) on April 30, 2015, worth around RM772,000 at the time.
His shareholding in Gets Global went down to 1,029,500 as of March 31, 2016, worth around RM340,000 at the time.
Azam also held 2,156,000 warrants in Excel Force MSC Berhad in March 2016.
The share ownership in 2015 and 2016 raised questions on whether it was commensurate with his income as a public servant and conflict of interest concerns.
Azam claimed the shares were not his but purchased by his brother in his name, prompting the SC to also get involved over the possible misuse of his trading account.
On Jan 18, SC issued a statement saying they concluded their investigation into Azam and based on evidence gathered, they were "not able to conclusively establish a breach under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda) occurred".
However, following widespread criticism over its announcement, SC issued a clarification the next day (Jan 19), where it clarified it found no evidence of proxy trading.
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