SC must clarify if it’s okay to ‘borrow or lend’ share trading account

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PETALING JAYA: Veteran newsman A Kadir Jasin wants the Securities Commission Malaysia (SC) to clarify whether an individual is allowed to “borrow or lend” the Central Depository System (CDS) trading account.

The SC said today that it could not “conclusively establish” if Malaysian Anti-Corruption Commission (MACC) chief Azam Baki broke the law over his ownership of shares.

In response, Kadir took to Facebook and pointed out that the SC’s statement raises some pertinent points.

“The root issue is not whether the SC’s investigations are conclusive or not. Instead, it is that Azam Baki himself did not deny the ownership of the shares in question.

“It’s just that he claims his brother, Nasir Baki, was ‘using’ his CDS account for trading.

“So, can the SC, chaired by Syed Zaid Albar and other knowledgeable board members, clarify to the public whether it is alright to borrow or lend the CDS account,” he said.

He added that the chief secretary and the public service department (JPA) may also investigate Azam over the disciplinary aspects of the issue.

Meanwhile, Puchong MP Gobind Singh Deo said that the SC’s decision has created more reasons for a parliamentary select committee hearing to be held urgently.

He suggested that the SC be called in to assist and explain their position in the hearing, adding that their explanation was inadequate.

“The SC must explain who was called in to assist in the inquiry, what the inquiry revealed, what impact the evidence had on the law applicable. Also, why was it unable to conclude whether a breach occurred,” he said in a Facebook post.

On Jan 6, the SC had said they would be “in touch with Azam for an explanation” after it was revealed that his brother traded shares using his account.

It added that every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities.

Five days after that statement, the MACC confirmed it had received a complaint alleging misconduct and corruption among certain individuals in the higher management and board of directors of the SC.

Azam came under fire recently over his ownership of corporate shares.

He had previously maintained that he had done nothing wrong, adding that his brother used his account to purchase shares and warrants in two public-listed companies in 2015 and 2016.

The issue has led to many quarters calling for Azam’s resignation. However, he has defended himself and said only the Yang di-Pertuan Agong could remove him.

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