Securities Commission Says Azam Baki Controlled Account He Said His Brother Used | Malaysia

The Securities Commission said that this conclusion was due to the fact that Tan Sri Azam Baki was appointed account holder and had control of said trading account. — Photo by Hari Anggara

KUALA LUMPUR, Jan 19 – The Securities Commission today clarified that it found no evidence of proxy trading by Tan Sri Azam Baki as the Chief Commissioner of the Malaysian Anti-Corruption Commission has full control of a stock trading account he claimed he let his brother use.

The clarification related to his statement yesterday in which he said Azam had not breached section 25(4) of the Securities Industry (Central Depositories) Act 1991.

The commission said that this conclusion was due to the fact that Azam was appointed as the account holder and had control of said trading account.

Second, MACC’s Chief Commissioner allegedly operated said account, “in the sense that he gave instructions to buy, sell and transfer securities in said account”.

“Consequently, the SC has come to the decision that there has been no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991,” the brief said. regulator.

The statement was released just a day after the commission said it had completed its investigation into Azam’s controversial acquisition of public shares and found no conclusive evidence that he had breached the trading rules of the shares.

The SC began looking into the matter earlier this month after Azam openly admitted at a press conference that his brother, Nasir Baki, had used his stock trading account – with his permission – to buy millions of shares in two publicly traded companies in 2015. .

The SC said it did not conclusively find that Azam committed a violation under section 25(4) of the Securities Central Depository Act 1991 (SICDA) that a trading account must be opened in the name of the beneficial owner or the authorized agent.

Shortly after, Azam released a statement stating that the SC had found him innocent and he would continue to work as usual.

The regulator’s summary of the investigation drew heavy criticism.

Among the critics was MP Muar Syed Saddiq Syed Abdul Rahman, who suggested there was a potential conflict of interest in the investigation launched by SC against Azam since several board members of the commission themselves are questioned for alleged misconduct.

The Parliamentary Select Committee on Agencies had also summoned Azam for questioning this week, but postponed it to an unspecified date after refusing on the grounds that he was already under investigation by other agencies.

MACC’s Chief Commissioner is also under investigation by the MACC Complaints Committee.

Aurora J. William