“Whoever is careless with the truth in small matters cannot be trusted with important matters.”

– Albert Einstein

COMMENT | On Tuesday, the Securities Commission (SC) announced that it had completed its inquiry into claims on irregularities in share purchases by Malaysian Anti-Corruption Commission (MACC) head honcho Azam Baki.

The SC said that it could not conclusively establish if Azam had breached Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (Sicda), which provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

Almost immediately, Azam, in what appeared to be an act of bravado, issued a statement saying that the SC found he had not committed any offences.

“I have been informed by the SC that the inquiry into the matter has been concluded. As such, it has closed the inquiry file accordingly. With that, I will continue my responsibility as the chief commissioner of the Malaysian Anti-Corruption Commission to fight corruption in the country without fear or favour,” he said in a statement.

But it appears that the chest-thumping and the jubilation were premature and short-lived. Yesterday, the SC dropped a bombshell of sorts...