Sun. Jul 21st, 2024


It was reported in FMT today that an insider of the Securities Commission has said that there is no need for the SC to refer its findings to the Attorney General’s Chambers as it found that MACC chief Azam Baki had committed no breach of any of the relevant laws, particularly section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA).

The insider was further reported to have said that only in cases where there has been a finding of wrongdoing would it be necessary to refer such findings to the AGC for the latter to decide if a prosecution is warranted.

It is unclear if the said insider was speaking on behalf of the SC but if he/she was, it shows it’s sheer ignorance of the way things work.

It is not uncommon for an investigating body to refer its findings to the AGC even when those findings initially suggest that an offence has not been committed.

It is for the AGC to then review such findings and it has the power to send the investigation papers back to the said investigating body for further investigations if it finds that there is a need to.

Indeed, in the case of Teoh Beng Hock, the AGC had referred the investigation papers back to the MACC on a number of occasions despite the latter’s finding that there was insufficient evidence from its investigations.

The SC is well aware that its findings that Azam had full control of his trading account is in stark contrast with Azam’s version that his brother had been in control of the same at the material time.

This alone is enough to arouse major suspicion as to whether Azam did commit an offence under section 25(4) SICDA and it is only proper, in such circumstances, for the SC to refer its findings to the AGC for its consideration as the AGC is better equipped to determine if an offence has been committed.

The SC should clarify if what was said by the insider as reported in FMT is it’s official stance.

The SC can ill afford being seen as being involved in a cover up and if indeed it is true that its investigations show that Azam did not commit an offence, then it is best that the matter is referred to the AGC to confirm the same.

Dated this 21st of January, 2022.