SC’s findings on Azam ‘upsetting’, says Guan Eng

[superadmin]

PETALING JAYA: DAP’s Lim Guan Eng says that the Securities Commission Malaysia’s (SC) inability to determine if Malaysian Anti-Corruption Commission (MACC) chief Azam Baki had committed a securities offence was “upsetting”.

He said the laws are clear about proxy share trading, yet the SC had yet to reveal if Azam’s brother was involved in purchasing the shares.

Lim said if the regulators cannot answer pertinent questions, then it should explain why three people were similarly fined millions of ringgit for a similar offence in the past.

“This is clearly double standard. Is SC going to return the fines they have paid and apologise for prosecuting them?”

Lim said SC’s response was against its legal duty as capital market regulators.

He said Azam had openly and publicly admitted that he had allowed his brother to conduct proxy share trading.

“Like every developed capital market in the world, proxy share trading is outlawed, as a trading account must be opened in the name of the beneficial owner or authorised nominee,” he said.

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