Report: Securities Commission to Explain Azam Baki’s Stock Trading Case to Parliamentary Panel Tomorrow | Malaysia

Subang MP Wong Chen speaks to reporters during a press conference at Parliament House in Kuala Lumpur on August 6, 2020. – Image by Hari Anggara

KUALA LUMPUR, February 16 – The Securities Commission (SC) will meet the Parliamentary Special Select Committee (PSSC) on Finance and Economics tomorrow to report its findings on the stock market scandal of MACC Chief Commissioner Tan Sri Azam Baki.

Subang MP Wong Chen, vice chairman of the PSSC, said Malaysiakini that the committee will meet with the stock market regulator tomorrow at 9 a.m.

“Yes, the meeting is in progress. It is scheduled for 9 a.m. on Thursday,” he said.

Wong said the date of the meeting was confirmed on Monday and an invitation was sent to the nine members of the committee, including its chairman Datuk Seri Hasan Arifin, who is from Umno and the MP for Rompin.

Wong also confirmed that he and Hasan will attend the session.

Other committee members are Datuk Seri Idris Jusoh (Umno-Besut), Datuk Seri Redzuan Yusof (Bersatu-Alor Gajah), Datuk Robert Lawson Chuat (GPS-Betong), Datuk Khairuddin Aman Razali (PAS-Kuala Nerus), Ong Kian Ming (DAP-Bangi), Teresa Kok (DAP-Seputeh) and Khalid Samad (Amanah-Shah Alam).

Wong said they would issue a statement to the media after hearing what SC had to say.

It was widely reported that Azam held 1,930,000 shares in Gets Global Berhad (formerly KBES Berhad) on April 30, 2015, worth around RM772,000 at the time.

Azam also held 2,156,000 warrants in Excel Force MSC Berhad in March 2016.

Azam admitted at a press conference last month that he allowed his younger brother, Nasir Baki, to use his stock trading account to buy millions of shares in two listed companies in 2015.

He denied any wrongdoing, saying the amount had since been transferred to Nasir’s account. However, he has not publicly explained why Nasir had to use his account to purchase these shares.

On January 18, SC released a statement stating that it had concluded an investigation into Azam and that, based on the evidence gathered, it was “unable to establish conclusively that a violation of the section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda) has taken place”.

Two days later, Prime Minister Datuk Seri Ismail Sabri Yaakob said CS’s decision on Azam’s trading account should be accepted by all parties.

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