Law minister: Azam Baki’s shares only RM330k, affordable and not expensive

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KUALA LUMPUR, Jan 8 — Minister in Prime MInister’s Department Datuk Seri Wan Junaidi Jaafar said shares owned by the Malaysian Anti-Corruption Commissioner (MACC) chief commissioner Tan Sri Azam Baki were not expensive when they were bought.

In a statement today Wan Junaidi said when the shares were first purchased in 2016, the one million shares were only valued at RM330,000 – approximately priced between RM0.30 and RM0.33 per share and the current share size he is holding at the moment had accumulated over the years.

“Based on the initial price, it is not an expensive share to acquire.

“I believe it is affordable to many of us and for those who are active stock market traders, it is also normal to gradually increase your share holding over time especially when you see the potential,” said Junaidi, adding that there is no law or regulations preventing government servants from acquiring shares in public listed companies.

He said Under Public Officers Regulations Act (Conduct and Discipline) 1993, government servants are only prohibited from trading in the futures market, locally and abroad while those who own shares in public listed companies are required to declare them as assets.

Meanwhile, on demands to place MACC under Parliament, Wan Junaidi said this issue is not a simple matter and needs to be looked into carefully.

“In order for MACC to be effective, it needs to operate independently.

“The establishment of MACC under the MACC Act 2009 ensures the commission’s independence and this should not be compromised in any way,” he added.

Over the past month, reports emerged alleging that Azam owned a substantial amount of shares in several publicly-listed companies.

Azam, in a press conference on Wednesday, said he had explained to the Anti-Corruption Advisory Board (ACAB) that his share account had been used by his brother to buy stocks in the open market with the latter’s own financing.

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