He said this was despite the Securities Commission Malaysia’s (SC) decision that it could not conclusively establish that Azam had broken the law over his ownership of shares.

“The investigation is ongoing. The ministry does not intend to make any further comments and interfere with the investigation,” Hamzah said in a written parliamentary reply to Ramkarpal Singh (PH-Bukit Gelugor), who had asked whether Azam was still being investigated even though the SC had cleared him of wrongdoing.

On Jan 18, the SC concluded it could not prove any breaches under Section 25 (4) of the Securities Industry (Central Depositories) Act 1991 (Sicda) in relation to the ownership of shares in Azam’s trading accounts.

The local capital market regulator said after concluding its inquiry and based on the evidence gathered, it was unable to conclusively establish that a breach under Sicda had occurred.

On Dec 27 last year, economist Edmund Terence Gomez resigned from MACC’s Anti-Corruption Advisory Board after the panel declined to discuss reports which implicated Azam.

In his resignation letter, Gomez said disturbing questions had been raised about the “nexus between business and law enforcement” and a “conflict of interest” situation which involved Azam and his alleged extensive ownership of corporate stock.

Anti-Corruption Advisory Board chairman Abu Zahar Ujang then held a special press conference where he said he was satisfied with Azam’s explanation that his brother, Nasir, had used his account to purchase shares that were later transferred to Nasir’s account.

Azam, who was present at the same press conference, said Nasir’s use of his account should not be an issue.

He said it was not an offence for anyone to use another person’s account to buy shares on the open market.