KUALA LUMPUR: The Securities Commission stated it has not been in a position to establish that there was a breach of regulation with relation to the trading account of Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki.
It famous that as a capital market regulator, its regulatory remit was set out beneath the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and Securities Industry (Central Depositories) Act 1991 (SICDA).
“In this regard, 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,” it stated in a press release on Tuesday (Jan 18).
Allegations just lately surfaced that Azam owned a considerable variety of shares in two firms between 2015 and 2016 when he was the MACC director of investigations.
On Jan 5, Azam stated he had given permission to his youthful brother to use his trading account to purchase the shares.
Azam stated though he needn’t have declared the share trading because it was not completed by him, he had knowledgeable his superiors of the matter on the time.
