PETALING JAYA: If the Securities Commission (SC) cannot determine whether there was a breach of regulation over the share trading account of Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, then it should make public its findings so Malaysians can judge for themselves, says Tan Sri Dr Ramon Navaratnam.

       Ramon, a former senior civil servant, said it was necessary for the SC to disclose details of its findings in order to ensure its integrity as a national regulatory body.

       “If the SC cannot make a judgment, then let the public judge.

       “The public will need more information and if the SC resists, it’s very wrong, especially now that the public has strong perceptions on the issue,” Ramon told The Star.

       Ramon: “I hope the SC will elaborate on its clarification and give the public confidence in its ability.”

       He noted that he was a former member of the SC for one-term during the mid-90s and expressed disappointment over its inability to draw a conclusion over the matter concerning the MACC chief.

       “I thought it would be more detailed and the SC is staffed by very abled people who have access to all the necessary information on transactions made through and with the commission.

       “I hope the SC will elaborate on its clarification and give the public confidence in its ability to manage the commission,” he said.

       Anti-graft watchdog Centre to Combat Corruption and Cronyism executive director Cynthia Gabriel also expressed similar views as Ramon, calling out the SC to disclose more details over the matter.

       “The SC must make public their inquiry findings and show how it arrived at this uncertain conclusion,” she said.

       Gabriel said Prime Minister Datuk Seri Ismail Sabri Yaakob could no longer stay silent on the issue and urged the establishment of an independent task force to probe the controversy.

       “We are deep-diving into further darkness and Ismail Sabri must act immediately to convene a high-level task force to investigate the ‘Azam-gate’ fiasco,” she said.

       “This vindicates further our position from the outset that only a full and independent probe will suffice to also establish potential breaches of public servants’ asset declaration laws and circulars as well as source of funds.”

       Yesterday, the SC said it was not able to determine whether there was a breach of law in relation to the trading account of Azam.

       Gabriel: “Ismail Sabri must act immediately to convene a -high-level task force to investigate the ‘Azam-gate’ fiasco.”

       The SC said that as a capital market regulator, its regulatory remit was set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA) and the Securities Industry (Central Depositories) Act 1991 (SICDA).

       “The said inquiry relates to the issue of whether a potential breach under Section 25(4) of the SICDA occurred. Section 25(4) provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

       “The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under Section 25(4) SICDA has occurred,” said the SC yesterday.

       The controversy involved a substantial amount of shares of Gets Global Bhd and Excel Force MSC Bhd between 2015 and 2016 when Azam was the MACC director of investigations.

       At a press conference on Jan 5, Azam said he gave permission to his younger brother to use his trading account to acquire the shares.

       Azam said he did not need to declare the share trading as it was not carried out by him, adding that he already informed his superiors.

       He has denied any wrongdoing and said he would not resign as MACC chief commissioner.

       There have been calls made by various politicians and civil society organisations urging Azam to take leave while investigations on him were ongoing.